The National Innovation Agency (NIA) is preparing to further promote local startups involved in space technology to meet the government’s goal of making Thailand one of ten nations capable of sending satellites into orbit.
With the launch of the “Space Economy: Lifting off 2022” project, the NIA said it aims to develop a supply chain of local space technology innovation and enable Thailand to participate in the $1 trillion manufacturing supply chains of the global space industry.
NIA executive director Pun-Arj Chairatana stated that the program is in keeping with the government’s seven-year plan to place Thailand among the top ten nations capable of launching satellites into orbit within 7 years.
According to Pun-Arj, space technology is a significant trend that has captured the attention of many nations, just like virtual reality and the metaverse has. Developing space-related products and services will encourage investment in high-tech businesses in the new S-curve industries, which attract 400-500 billion baht annually in foreign investment.
Thailand has more than 1,000 operators in the space industry, with a combined economic worth of 30 billion baht and a roughly 10% annual growth rate.
This year, more than 120 teams submitted applications for the Space Economy: Lifting off 2022 project, of which 15 have advanced to the final round. (NNT)