Korea will need its own global positioning system, dubbed KPS, for the sake of the country’s national security as well as space industry development, said Kim Ji-chan, chief executive officer of LIG Nex1.

“Without the country’s own satellite navigation system, Korea relies heavily on the GPS developed by the United States,” Kim told a meeting on Korea’s space development plan attended by President Moon Jae-in Thursday.

LIG Nex1 is a leading defense technology business in Korea. It has accumulated technological know-how on establishing the KPS, including development of synthesized aperture radars, satellite communications devices for military use, electro-optical and infrared sensors.

“If the US system stops providing information for Korea in an emergency, Korea could go into a panic, as cell phones, navigation systems and financial transactions would be halted,” Kim said. “Development of Korean Positioning System is not a matter of choice, but an essential national task.”

Korea has decided to conduct a due diligence on the project and establish the country’s own navigation system by 2035. But it is yet in the very early stage of discussion.

“To make KPS successful, Korea needs multiple satellites and control and monitoring centers on the ground,” Kim said. “The project would create 60,000 new jobs and raise over 7 trillion won of economic benefits.”

By Song Su-hyun (song@heraldcorp.com)