South Korea is scheduled to launch its first space rocket at 05:00 p.m. (0800 GMT) Wednesday, as it has finished a final review of preparations and weather condition, the government said Wednesday.

According to the Ministry of Education, Science and Technology, experts at South Korea's Naro Space Center have confirmed that the Korea Space Launch Vehicle-1 (KSLV-1) and a scientific satellite payload are fully prepared for blastoff.

They said they have conducted full-fledged check on all control, communication and mechanical systems, along with double-checks on weather condition, and concluded that the rocket is ready for launch.

Following fuel and oxidation injection around 3:00 p.m. (0600 GMT), the automatic 15-minute countdown sequence will be started at 4:45 p.m. (0745 GMT).

The 1st-stage engine will be ignited 3.8 seconds before the rocket launch, and the success of the launch will be first confirmed 540 seconds after the liftoff.

"The first 55 seconds after the rocket leaves the launch pad is the most critical moment for the success of the rocket launch," Min Kyung-joo said.

The first communication with the satellite and South Korea is expected to be made 12 to 13 hours after the blastoff if the satellite safely makes it to its orbit.

If the Korea Space Launch Vehicle-1 (KSLV-1) is successfully launched, South Korea will be marked as the world's 10th country to shoot a locally developed scientific satellite in its territory.

"A successful liftoff could officially herald the country's entry into the space exploration arena, controlled by established technology leaders such as the United States, Russia, the European Union and Japan," the Ministry of Education, Science and Technology was quoted as saying.

South Korea has reportedly spent 502.5 billion won (402.4 million US dollars) on developing the KSLV-1 over a seven-year period and some 850 billion won (680.7 million U.S. dollars) on building the Naro Space Center.

The rocket launch, however, had a far greater impact on local economy, bringing about an economic expansion worth 1.8 to 2.4 trillion won (1.4 to 1.9 billion US dollars), Korea Institute for Industrial Economics and Trade said.

(Xinhua News Agency August 19, 2009)