South Korea plans to invest 1.6 trillion ($1.37 billion) in the next 10 years to secure core technologies for satellite development in the defense sector, the arms procurement agency said Thursday.

The plan is part of a series of measures aimed at upgrading the country's defense capabilities in the space sector, according to the Defense Acquisition Program Administration.

The agency has launched a task force to focus on developing South Korea's space defense industry, saying that 16 trillion won of investment is expected in the field in the next 10 years following the lifting of US curbs on the country's missile development.

In May, Seoul and Washington agreed to lift the guidelines that had barred South Korea from developing or possessing ballistic missiles with a maximum range greater than 800 kilometers.

"The task force will focus on preparing legal and institutional grounds, and handling organizational and personnel issues to effectively support the country's space defense industry," an official said.

The team includes officials from the defense ministry, the Joint Chiefs of Staff, the arms procurement agency and the state-run Defense Agency for Development, it said. (Yonhap)