Singapore will establish its own space agency on April 1 as part of efforts to \u201cfully harness the value and opportunities of the growing global space economy,\u201d the Ministry of Trade and Industry said on Monday. <\/p>\n
The ministry said Singapore\u2019s strengths in advanced manufacturing, aerospace, microelectronics, precision engineering and artificial intelligence place the country in a strong position to capture new opportunities in the space technology sector, News.Az<\/a> reports, citing Reuters<\/a>.<\/p>\n The ministry will oversee the new agency.<\/p>\n Global investment in space technology is expected to continue rising after reaching record levels in 2025, according to data from Seraphim Space.<\/p>\n The announcement was made at Singapore\u2019s inaugural space summit by Tan See Leng, the minister responsible for energy technology at the trade ministry.<\/p>\n The National Space Agency of Singapore will be tasked with developing and operating the country\u2019s space<\/a> capabilities, as well as creating legislation and regulations to support innovation and space-related businesses, the ministry said.<\/p>\n Singapore is currently home to about 70 space companies employing roughly 2,000 professionals across a wide range of roles and activities throughout the space industry value chain, according to the ministry.<\/p>\n