The government will invest 316 billion won, or close to 340 million dollars, in space development this year.

The Science and Technology Ministry will convene the fifth working level committee meeting on space development promotion this Thursday. The panel is set to endorse the nation's space budget and a detailed action plan.

Some 201 billion won will go to developing multipurpose satellites as well as ones designed for communications, weather and maritime use. Another 50 billion won will be invested in space launch vehicles and three-point-seven billion will go to basic research.

The meeting will also check progress on the first Korean astronaut, who is set to lift off into space in April. And it will review construction of the Naro Space Center that is set to be completed in September.

Conducting basic research for a planned lunar mission in 2020 will also be discussed.