(Singapore, 2nd) With the immense potential for development in the global space economy, Singapore will set up its first Space Agency on April 1 to promote and develop the nation's space capabilities, and to formulate regulations that facilitate innovation and commercial development while ensuring space safety and sustainability.
According to a report by Lianhe Zaobao, Minister for Manpower Tan See Leng, who oversees energy and technology affairs, announced this news at the inaugural Space Summit held at Marina Bay Sands Expo and Convention Centre on the 2nd.
Dr. Yen Li Na, Deputy Executive Director of the Defence Science and Technology Agency (DSTA), has been appointed as the Director-Designate of the Singapore Space Agency (NSAS) effective immediately, and will officially take office on April 1.
The Singapore Space Agency will take over and expand the functions of the Office for Space Technology & Industry Development, undertaking five core missions. In addition to strengthening the research and development ecosystem, developing the space industry, and promoting international cooperation, it will also develop and operate national space capabilities, and formulate relevant regulations.
Tan See Leng pointed out that Singapore’s space ecosystem is constantly evolving, currently comprising 70 space companies and 2,000 professionals engaged in a wide range of businesses from designing and manufacturing space components to providing satellite services.
According to estimates by the World Economic Forum in April last year, the scale of the global space economy will surge from US$630 billion in 2023 to US$1.8 trillion by 2035.
The two-day Space Summit set to begin on the 2nd adopts the theme "New Frontiers: Shaping a Responsible and Inclusive Space Future." Global policymakers, space agencies, investors, and innovators will jointly discuss topics such as infrastructure, sustainability, investment, and the space economy.