Today, the plans for a £1.5 billion campaign to improve the space exports of the United Kingdom was announced by the government. It comes as an attempt to strengthen the international trade ties of the country after Brexit.
The United States and India have been identified by the Department for International Trade as the primary targets for boosting the space industry of the United Kingdom. Reportedly, the industry has already doubled in size since 2010.
Today, Liam Fox, the International trade secretary, revealed the announcement during the biggest event of the year of the UK defence and aerospace industry that is called the Farnborough Airshow.
The Department for International Trade says that half of the small satellites of the entire globe are built in the United Kingdom, “highlighting the huge capability in country.”
The international trade secretary stated: “Our space industry is thriving as years of strong growth has seen the UK secure its reputation as a leading space nation. To sustain this, we need to be reaching new markets with huge potential like India and the USA.”
He continued: “With over a third of its business coming through overseas sales, the space sector is a great example of the benefits of seizing global opportunities which in turn create jobs back home.”
The chairperson of UK Space, Graham Peters, stated: “The UK has a proud history of leveraging its space expertise to become a leader in commercial aspects of space. We are delighted to be working with Government to promote UK capabilities overseas to underpin the continued growth of the sector.”