ASEAN – According to Trade and Industry Minister Gan Kim Yong, the government would invest S$150 million (RM468 million) on space research and development to improve Singapore’s space capabilities (February 9).
The Office for Space Technology and Sector, which controls the country’s space industry, and the National Research Foundation will make the investment, according to Gan, who was speaking at the Global Space and Technology Convention.
To improve Singapore’s space capabilities in areas such as aviation, marine, and sustainability, the S$150 million will go towards the Space Technology Development Programme (STDP).
According to Trade and Industry Minister Gan Kim Yong, the government would invest S$150 million (RM468 million) on space research and development to improve Singapore‘s space capabilities (February 9).
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The Office for Space Technology and Sector, which controls the country’s space industry, and the National Research Foundation will make the investment, according to Gan, who was speaking at the Global Space and Technology Convention.
To improve Singapore’s space capabilities in areas such as aviation, marine, and sustainability, the S$150 million will go towards the Space Technology Development Programme (STDP).
Governments frequently provide funding for space enterprises.
“The new fund will enable firms in the Space Accelerator Program to expand at warp speed, capitalizing on the huge attention the industry is gaining,” said Jonathan Hung, chairman of SSTL.
Thanks to the sector’s increased relevance and knowledge, we believe that a lot of venture capital funds will pour into the space business, just like we have seen a lot of venture capital funds flood into the technology sector.”
All space businesses, as well as those who have participated in SSTL’s Space Accelerator Program, will be eligible for the commercial fund.
The initiative, which began in 2020, supports space businesses in the United States and throughout the world with assistance in the form of mentorships and finance.
It now serves 37 firms from 17 different countries, including India, Japan, and Singapore, among others.
