SINGAPORE, February 2 (Reuters) – Singapore will establish its own space agency on April 1 in an effort to “fully capitalize on the value and opportunities of the growing global space economy,” Singapore’s Ministry of Trade announced on Monday.
“Singapore’s strengths in advanced manufacturing, aerospace, microelectronics, precision engineering and artificial intelligence position us well to seize new opportunities in space technology,” said the Ministry of Trade and Industry, which will manage the new agency.
Global investment in space technology is expected to climb further after reaching a record level in 2025, according to investment firm Seraphim Space.
The news was announced by Tan See Leng, minister in charge of energy technology at the Ministry of Trade and Industry, at the inaugural Space Summit.
The ministry said Singapore’s National Space Agency will develop and operate the country’s space capabilities and develop legislation and regulations to support innovation and business, among other functions.
The ministry said Singapore currently has 70 aerospace companies employing about 2,000 professionals in different roles and activities across the value chain.
(Reporting by Yong Yuan; Editing by David Stanway)
