World Economy

Space Tech Fuels Economic Growth

Space Tech Fuels Economic GrowthSpace Tech Fuels Economic Growth

Space technology companies meeting in Abu Dhabi next month will highlight the importance of investing in space education and development.

Meeting at the Global Space & Satellite forum which takes place May 26 – 27, will demonstrate how space expenditure in a country fosters science and technology and supports local industries, Electronics reported.

Jerry Jon Sellers, PhD (Lt. Col USAF-ret), Senior Space Systems Engineer and author of “Understanding Space”, says: “‘Why waste all that money on space?’ is a typical question asked. But of course, money doesn’t get spent in space. It gets spent here on Earth, creating jobs and building infrastructure that supports our economies.

“Those of us who work in the space industry too, often take the benefits we deliver to society for granted, assuming they are obvious to all. However, it is our responsibility to constantly help to remind our friends and families how different their lives would be without space.”

The global space technology sector was estimated to have a value of $304b in 2012. Activities included commercial space products and services and direct-to-home (DTH) Television, television programming globally provided by space assets.

“The capabilities provided by space assets – communication, GPS, weather forecasting – impact the lives of nearly every man, woman and child on the planet,” said Sellers.

The 5th GSSF, is hosted by the UAE Space Agency and organized by Streamline Marketing Group (SMG), and will bring together more than 400 executives, senior decision makers and government officials from the space and satellite sector.