The Ministry of Education, Science and Technology says it plans to launch the nation’s first space rocket around 2020.

The ministry unveiled on Thursday during the fourth national space committee meeting its plan to launch the Korea Space Launch Vehicle-2 (KSLV-2).

The ministry plans to inject around one-and-a-half trillion won in the next ten years to develop the spacecraft. The three-stage rocket would be capable of placing a one-and-a-half ton application satellite into orbit some 600 to 800 kilometers above the Earth’s surface.

The ministry also disclosed plans to launch three high-resolution application satellites and three small size satellites by 2016 and develop a geostationary (GEO) multi-functional satellite.