Korea is set to make its third and final attempt to launch a satellite using the Korea Space Launch Vehicle-1, a carrier rocket developed with the assistance of Russia.

If weather conditions allow, the KSLV-1, also called the Naro-1, will blast off from the Naro Space Center in Goheung, on the southwestern coast of the nation, Friday afternoon to put a science satellite into orbit 302 kilometers above the earth.

All necessary pre-launch preparations and checks have been made, except a final dry-run to be carried out today.

Scientists of the Korea Aerospace Research Institute are cautious but confident. Together with their partners from Russia, they have made every effort to eliminate potential problems, including those that frustrated their first two launch attempts.

At the first attempt, made in August 2009, the satellite was sent into space but could not get into the orbit due to a problem with the fairing, a metal shield that protects the satellite while it is being launched.

The fairing did not split apart even after the satellite reached its target orbit. The blame for the problem was placed on the Korean side.

The second attempt made in June 2010 was more disastrous as the launch vehicle exploded 137 seconds after liftoff, making it difficult to identify what went wrong.

The Friday bid is the last one as the Russian company commissioned to build the first stage of the two-stage KSLV-1 rocket agreed to provide its thruster engine a maximum of three times.

A successful launch is important as it would, among other things, open a new chapter in Korea’s space technology development history. It would also allow KARI scientists, who have been engaged in the Naro-1 project since 2002, to wrap it up and move on to the next stage with confidence.

Yet regardless of the outcome of the final launch bid, the Naro-1 program has fully served its purpose. The project was basically designed to help Korean scientists accumulate expertise in the rocket technology needed to build an indigenous launch vehicle.

In this respect, the program has already borne rich fruit. Through cooperation with Russia, Korean scientists have acquired important technologies related to the development of launch vehicles, construction of the launch pad, and rocket-launching operations.

The two failed launches were precious learning opportunities for them, too. They could acquire failure analysis capabilities, such as analyzing remotely-sensed data and conducting simulations on the ground, which they otherwise would not have been able to learn.

Based on the foundations laid by the Naro-1 project, KARI scientists have already started work on the KSLV-2, an indigenous three-stage launch vehicle. The government’s plan calls for the development of a 10-ton thruster engine by 2014 and a 75-ton engine by 2018. It aims to build the KSLV-2 by 2021.

If Korea successfully launches the KSLV-2, then it can claim membership of the so-called space club ― a small number of countries capable of launching satellites using their own carrier rockets.

Yet the problem is that even if Korea attains its development goal as envisioned, there will still be a wide gap between it and the leaders in space technology, such as the United States, Russia, Japan and China.

To close the gap, Korea should step up efforts to master rocket technology. It also needs to increase investment in space technology and cultivate talented scientists.

In 2011, Korea invested a total of $208 million in its space program, which is less than 0.5 percent of the $42.47 billion spent by the United States and about 3 percent of Russia’s $6.56 billion.

Space technology is an area that Korea cannot abandon. This point is well recognized by the public. According to a recent poll, more than eight out of every 10 Koreans think the country’s space program must continue regardless of the result of the rocket launch on Friday.

This public perception justifies a big boost in the government’s investment in space technology.