By Choi Kyong-ae

The Ministry of Science, ICT and Future Planning said Sunday that it will foster the country’s aerospace industries with the aim of boosting sales 17 percent from last year.

“It is part of the government’s broader efforts to seek a new growth engine for the economy,” the ministry said in a statement. “The world’s aerospace industry grew by 37 percent in the five years through 2012. And countries are making bigger investments in the high-potential business.”

Korea lags far behind advanced countries in the aerospace industry dominated by the U.S., the E.U., Russia and Japan.

“Government support, among other things, seems to be needed to promote the business over the next decade,” a ministry official said.

The global aerospace industry stood at 340 trillion won ($304.3 billion) in 2012. It is expected to grow by 14 percent each year to reach $685.9 billion by 2017, said the ministry. During the same period, Korea’s market is expected to grow to 2.8 trillion won from the 1.35 trillion won estimated for this year.

The government will form a task force in May to help domestic aerospace companies earn 1.35 trillion won in revenue this year, up from 1.16 trillion won a year ago, the ministry said.

“The task force will offer consultation services to domestic companies when they look to overseas markets with aerospace products. The services include market surveys, analyses and exports marketing,” said the official.

Aerospace products include satellites, space telescope and other satellite-related equipment.

In the broader aerospace roadmap which extends through 2020, the government will independently start to develop a lunar orbiter this year. It will also enter a joint project to develop a large space telescope with a foreign company, according to the ministry.

But it didn’t provide the name of the foreign partner and other details about the joint project.

The government has earmarked 204 billion won for aerospace research and development this year, jumping by 66.7 billion won from a year ago, it said.

“Countries in Southeast Asia, the Middle East and Latin America are likely to place orders for 1,145 satellites from 2011 to 2020,” valuing the total aerospace market at 216 trillion won, the official said.