Speaking at the signing in Sydney, ESA Director General Josef Aschbacher said: “This is an important moment for Europe and South Korea, opening up great opportunities for our space interests, and strengthening existing systems through cooperation. In ESA, we are excited to learn from our colleagues in KASA, and to share our experience to reach complementary goals."

KASA Administrator Yoon Young-bin said: "KASA’s objectives include enhancing global space cooperation. Today, we have taken an important step and we look forward to our shared journey in cooperation in space activities for peaceful purposes.”

Future areas of cooperation that are also covered by the Memorandum of Understanding include space science, space exploration, human spaceflight, space applications, space-based infrastructure, space industry and academic networking, space sustainability and space mission assurance. Further areas of cooperation are also open for agreement under the framework of the Memorandum of Understanding.

Both agencies also have extensive interests in satellite navigation, as KASA will develop the Korea Positioning System to enhance regional navigation. Collaboration between the two agencies on missions such as LEO-PNT is expected to improve satellite navigation accuracy and stability, as well as enhance the mutual reinforcement and reliability of satellite navigation signals.