Boryung said it signed an agreement to establish a joint venture (JV) with Axiom Space to pursue Space projects in low-Earth Orbit (LEO).

Following its investment of $60 million as a strategic investor in Axiom Space last year, Boryung has been continuing the business momentum by initiating discussions on a joint venture with Axiom Space since March.

The parties expect the new legal entity to be established by the early half of the year.

The JV, with an investment ratio of 51 percent and 49 percent by Boryung and Axiom Space, respectively, will launch in Korea and will look into all business areas utilizing Axiom Space's technology and infrastructure based on Axiom Station, which will replace the International Space Station (ISS).

However, the company did not unveil how much it will initially invest in the JV.

Using the JV, Axiom Space will be granted exclusive rights to private and public space projects in Korea, while also seeking to create cooperative business opportunities in Asia-Pacific and global regions.

The key business areas of the JV are the astronaut business, the joint manufacturing, construction, infrastructure-related business, including Korea's next-generation space module, and all the R&D and experiment activities at the space station.

Axiom Space has been continuously securing space development projects worldwide through the 'Axiom Missions' and is focusing on technology and portfolio advancement to conduct further space missions, such as producing the next-generation spacesuit that astronauts wear on the moon for NASA's Artemis III lunar mission.

Through the JV, Boryung will explore various business opportunities by actively utilizing Axiom Space's space development technology and infrastructure.

The signing of the agreement is particularly significant as it occurred during Yoon Suk Yeol's state visit to the U.S., with Boryung CEO Jay Kim participating as a member of the economic delegation.

"The establishment of the JV will serve as a foundation for both companies to share and jointly design future visions for space development beyond a strategic investment relationship," Boryung CEO Kim said. "We will create an opportunity to contribute to the development of the private sector-led space industry in line with the enhancement of new space cooperation between Korea and the U.S."

Meanwhile, President Yoon Suk Yeol also visited NASA Goddard Space Flight Center in Maryland, with U.S. Vice President Kamala Harris.

After the visit, South Korea's Ministry of Science and ICT and NASA signed a joint statement on the spot to strengthen cooperation in space exploration.

"This marks South Korea's full participation in the Artemis program, a U.S.-led manned mission to the moon," the Presidential Office said in a press release.

President Yoon also said, "I look forward to expanding the scope of the U.S.-ROK alliance beyond the earth to space and putting the space alliance at the center of the 70th anniversary of the new U.S.-ROK alliance."

Referring to signing a joint statement between the Ministry of Science and ICT and NASA, Yoon said, "Today's joint statement will be an opportunity for our bilateral space cooperation to take a leap forward into a definitive space alliance."

Yoon also introduced the establishment of the Korean version of NASA, Korea Aerospace Administration (KASA)

"We hope to establish a communication platform to identify and launch joint R&D programs between KASA and NASA, and to actively exchange information and knowledge on personnel exchanges as cooperative partners." He added, "We hope that establishing KASA will include active advice from NASA and direct personnel exchanges."

Yoon is currently on a six-day state visit to the U.S. to celebrate the 70th anniversary of the bilateral alliance between the two countries.