Updated: 02/22/2013 02:03

Singapore moves into space industry



Singapore moves into space industry

Singapore is making a major push to develop the local space industry.

Minister in the Prime Minister's Office and Second Minister for Trade and Industry S Iswaran announced the setting up of the Office for Space Technology and Industry (OSTIn) to oversee the development of Singapore's local space industry.

The new program office is set up under the Economic Development Board (EDB). It includes government agencies such as the Agency for Science Technology and Research (A*STAR), Ministry of Defence (MINDEF), Ministry of Education (MOE), Ministry of Foreign Affairs (MFA), Ministry of Trade & Industry (MTI) and the National Research Foundation (NRF).

Speaking at the Global Space Technology Convention on Thursday, Mr Iswaran said the inter-agency office will plan and execute economic strategies to drive the growth of the local space industry.

The office will also work with various industry stakeholders to help them realise their satellite business and innovation initiatives from Singapore.

Those who are keen to either expand their businesses into the space industry or strengthen their existing satellite capabilities could also tap on funds from the new office.

In addition, the office will champion the build-up of local public research capabilities and talent pool in the industry.

For a start, the office will be supporting two R&D projects from the Nanyang Technological University and the National University of Singapore.

Mr Iswaran said:

"We believe Singapore will become a compelling location for satellite-related companies to grow their businesses, develop their technologies and export new solutions to the world. In view of the growing competition, many satellite companies are now looking to develop expertise that will enable them to maintain their competitive edge while finding new growth and market opportunities. In this context, these companies will be able to tap on Singapore's strengths in adjacent industries, as well as our market connectivity, geo-political neutrality, pro-business environment, and R&D infrastructure to bring their business and innovation initiatives to fruition."

Latest Photo Galleries on xinmsn

NEWS VIDEOS