The South Korean government confirmed the country's space agency, the Korea AeroSpace Administration (KASA), will start operating on Monday.
The KASA's facility will be located in Sacheon and employ 293 people. It will focus primarily on exploring the Moon and Mars, with plans to launch a satellite to the former in 2023 and the latter in 2045.
"The most important role of the space agency will be supporting the private sector to lead space development," the agency's head Yoon Young-bin told Yonhap earlier.