Promoting innovation in the new ocean industry ecosystem of Busan Metropolitan City by exploiting Nanosatellite business

We all expect that nanosatellites will be commercialized soon as drones have already been. Busan Metropolitan City, the second largest city in South Korea, also anticipates that nanosatellite business will be the next-generation industry which will lead Busan into an innovative future city.

Busan has grown into the largest container handling port in the country and the 5th largest in the world, but its mainstream industries such as shipbuilding, automobile and shipping are confronted with difficulties due to the global economic crisis and the accelerated fourth industrial revolution. To break through this situation, Busan city started to set up a nanosatellite business model which consists of four unit programs.

In this regard, Busan city is closely working with various local institutes including KIOST, Busan TechnoPark, and universities. As part of the unit programs, Busan city will support a team of undergraduate to participate in several nanosatatellite competitions at home and abroad. The goal of this program is to develop nanosats focusing on the local universities and encourage cooperation with global space agencies such as NASA.

Also, Busan city will concurrently proceed educational programs for the local youths to promote easy access to the new ocean industry and the spread of culture.

The integrated capabilities and close cooperation among Busan’s current industries and local institutes will easily grow the nanosat industry as a new leading business shortly. KIOST will play a major role in technology transfer, with its abundant experiences from the development of GOCI I&II and the related systems.