International Trade Secretary Dr Liam Fox has launched the Department for International Trade’s first ever space exports campaign to target export opportunities in the US and India.
The ‘Space Exports’ campaign will see 2 of the world’s fastest growing markets targeted with trade missions, led by newly appointed Her Majesty’s Trade Commissioner Antony Philipson. In India the Department for International Trade (DIT) will also increase its operation by recruiting British space sector experts to work in market.
The campaign comes as 40% of the entire globe’s small satellites are built in the UK, highlighting the huge capability in country. The International Trade Secretary will use the opportunity of leaving the European Union to make the most of global engagement with a sector that is growing 15 times faster than the rest of the UK economy.
The UK space industry’s growth has been quick, doubling in size since 2010, with exports growing to £5 billion in 2014/15, or 36.4% of total income. The campaign will seek to increase the number of nations that are using the specialist products British businesses produce ahead of the UK’s departure from the EU.
International Trade Secretary, Dr Liam Fox MP, said: “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. As an international economic department, we’ll achieve this through our new space exports programme, which will help meet the ambition of both government and industry to see space exports reach £40 billion by 2030.
“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.”