First rocket a boon for S. Korean economic growth

By Lee Joon-seung
SEOUL, Aug. 24 (Yonhap) -- The successful launch of South Korea's first space
rocket will contribute an estimated 2.34 trillion won (US$1.87 billion) to the
national economy, industrial sources and think tanks said Monday.

The state-run Korea Institute for Industrial Economics and Trade (KIET) said
benefits from the Korea Space Launch Vehicle-1 (KSLV-1) launch include cutting
edge technology acquired in the development process, job creation and positive
publicity that can help boost exports.
Such advantages, it claimed, far exceed the 502.5 billion won spent on the
project since 2002.
"Overall, the KSLV-1 project has generated 533 billion won worth of fresh work in
the local construction sector, with an additional 362.9 billion won in spin-offs
being generated through local production of parts, components and systems for the
rocket," KIET said.
It added that if the launch slated for Tuesday succeeds, the country will reap a
maximum of 87.5 billion won in positive global publicity that could translate
into more than 1.36 trillion won worth of new exports.
The institute claimed that the high-tech image of space rockets would further
benefit value-added industrial goods made in the country such as cars,
semiconductors and information technology goods that have made meaningful inroads
in the global market.
"All this translates into more jobs down the line as well as hundreds created so
far," the economic institute said.
Other industrial sources said because satellite-carrying rockets encompass the
latest breakthroughs in electronics, materials, propulsion and fuel, its
long-term benefits are estimated to have three times the economic impact of
automobile manufacturing.
Companies like Hyundai Heavy Industries Co. gained valuable experience in
building the rocket pad, while Korean Air, which made jet fighters in the 1980s,
took part in the construction of the rocket, which could help Seoul build a fully
indigenous launch vehicle by 2018.
Other companies like Doosan Infracore Co. and Samsung Techwin also gained insight
into rocket and satellite building with a further 200 companies, universities and
laboratories playing a role in the national project.
"Despite some delays, the launch is expected to help reduce the technology gap
with space exploration leaders from the present 30 years to around 10 years,"
said an expert at the Korea Aerospace Research Institute (KARI), which is
responsible for the launch. South Korea only started making experimental,
short-range rockets in the 1990s.
Such reductions can lead to South Korea relying less on foreign help to launch
its own satellites, which will save costs.
KARI, meanwhile, said a full-fledged rehearsal for the launch will be completed
by 5 p.m. (Seoul Time) with assessments on data collected to continue until
Tuesday.
The launch of the rocket is slated for 5 p.m. Tuesday if weather conditions are
favorable and there are no problems in the launch systems.
The KSLV-1, also called the Naro-1, took seven years to build and stands 33m
tall, has a diameter of 2.9m and weighs 140t. The main first stage liquid-fuel
rocket, made in Russia, is able to generate 170t of thrust, with the locally made
second stage rocket able to generate 8t of thrust, enough to put a satellite into
orbit.
yonngong@yna.co.kr
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