EU competitiveness ministers to discuss economic importance of space and Europe’s role in the space market

On 20 November 2020, Minister of Economic Affairs Mika Lintilä will participate in an informal video conference of EU competitiveness ministers, which will address the space policy. The ministers will discuss Europe’s role in the international space economy, market developments and common principles in the sector.

The topic of the EU ministers’ meeting will be the growing space market, which has attracted both private and public operators in recent years. The meeting will address, among other things, Europe’s position in the international space market. It will be followed by a joint Space Council meeting of the EU and the European Space Agency (ESA).

“Space solutions contribute to the goals of sustainable growth and improve Europe’s competitiveness, independence and resilience. For example, data produced by remote sensing satellites can help monitor the impacts of climate change, while data from navigation satellites is used in autonomous transport,” Minister Lintilä says.

Finland’s point of view is that a common European space policy should be systematically promoted. It is important that Europe actively participates in multilateral cooperation to develop international regulation. That will ensure a sustainable use of space, a level playing field for different operators and fair competition in the space sector.

Finland’s space strategy targets international markets

The objective of Finland’s current space strategy is to make Finland the world’s most attractive and agile space business environment by 2025. The development would benefit both companies sending their own satellites and operators using satellite data in their business activities.

Europe is already a major player in the space market. In 2018, more than 230,000 people were employed in space business in the EU and one third of the world’s satellites were manufactured in Europe. Before the coronavirus crisis, the value of the international space economy was estimated to rise to nearly EUR 1,000 billion by 2030.

Inquiries:
Nina Alatalo, Adviser to the Minister (EU and international affairs), Ministry of Economic Affairs and Employment, tel. +358 29 504 7171
Maija Lönnqvist, Chief Specialist, Ministry of Economic Affairs and Employment, tel. +358 29 504 7105
Taru Löyttymäki, Senior Specialist, Ministry of Economic Affairs and Employment, tel. +358 29 504 7177