This year marks the 30 years to launch the first Korean satellite KitSat-1. South Korea is now on the verge of entering the space economy era based on technological capability in the space sector and increased private capacity. The talk will illustrate the process of Korea's space development system from a historical point of view, first, and will touch on the policy issue related the limitations of the current national space innovation system, including governance, government R&D, space industrialization, space security/defense, international cooperation for exploration and diplomacy, and so on.