The government has earmarked over 100 billion won, or 84 million U.S. dollars, in next year's budget for space technology development.

The Strategy and Finance Ministry says the 104 billion won reserved for the space development budget is up 39-point-six percent from this year's amount.

A ministry official says it's the first time to top 100 billion won and the budget will go towards developing homegrown space launch vehicles and satellites.

The budget for space technology research and development was 69-point-nine billion in 2008 and 74-point-eight billion this year.

Of next year's budget, 60 billion won will go towards developing satellites and 24-point-four billion, which is up 70 percent from this year, will go towards developing key source technologies.