Singapore will invest 60 million Singapore dollars (approximately 45 million USD) over the next two years to accelerate research and development in space technologies, Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong announced on Wednesday.

Speaking at the 17th Global Space Technology Convention and Exhibition, Gan stated that this funding builds upon the 150 million Singapore dollars previously allocated under the Space Technology Development Program, launched in 2022 to foster innovation in the sector.

As a result of the program’s support, 14 space-related technology patents have been filed by Singapore-based entities, he noted.

Gan also emphasized the increasing accessibility of space technologies and their broad applications across industries, economies, and society.

The global space economy is projected to nearly triple in value, rising from 630 billion USD in 2023 to 1.8 trillion USD by 2035, he added.

With this investment, Singapore aims to strengthen its position in the rapidly expanding space sector, fostering innovation and technological advancements in the industry.