South Korea has officially launched its space agency, the Korea AeroSpace Administration (KASA), to lead policy and industrial development in South Korea's aerospace sector. The establishment was made possible after the Country's national assembly passed a special law in January to unify government organizations in charge of space policy and projects. The new agency is based in Sacheon, South Gyeongsang Province, with an annual budget of 758.9 billion won ($556 million) this year.