Singapore is ramping up its space technology program with an additional S$60 million investment over two years, following a previous commitment of S$150 million in 2022. This move is in response to the growing importance of space development, with Trade and Industry Minister Gan Kim Yong stating that Singapore has the potential to become a key hub for the global space economy. Currently, Singapore is home to 70 space companies and over 2,000 professionals and researchers, making it well-positioned to capitalize on the projected growth of the global space economy to US$1.8 trillion by 2035.
One significant development is an agreement signed between US-based radar satellite company LeoLabs and government-linked ST Engineering’s Geo-Insights to explore the construction of a radar and the region’s first space situational awareness center. This center will help protect satellites in space from collisions with each other and debris, positioning Singapore as a leader in tracking objects in space and providing warnings to other countries operating satellites in the region.
Overall, Singapore’s increased investment in space technology reflects its commitment to staying at the forefront of this rapidly expanding industry. With a focus on innovation, collaboration, and strategic partnerships, Singapore aims to leverage its strengths in business, industry, and research to drive growth and make a significant impact in the global space economy.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
