With the increasing reliance on space-generated data and information, Malaysia seeks to develop its competency and capacity in the space industry.
The global space economy is growing rapidly and is estimated to reach $10 trillion by 2030.
According to Uzma Berhad Group CEO and MASIC Pro Tem President, Datuk Kamarul Redzuan Muhamed, although Malaysia is in its infancy in the industry, it recognises the immense opportunities.
"Currently, the space industry generates about RM20-30 million annually, but there is potential for significant growth.
"To tap this potential, Malaysia aims to establish a comprehensive supply chain from upstream to downstream, focusing on the development of space-related technologies and the use of space-based data for actionable insights.
"By 2030, the government aims to generate approximately RM10 billion in annual revenue to the country's GDP from space-related activities," Datuk Kamarul said.
President and Chief Executive Officer of the Malaysian Industry Group for High Technology (MIGHT), Datuk Dr Mohd. Yusoff Sulaiman, added that while space technology has traditionally been dominated by wealthy nations, the decreasing cost of entry has opened doors for developing countries like Malaysia.
"By strategically positioning itself as part of the global space supply chain, Malaysia can gradually work towards becoming an original equipment manufacturer (OEM) in the future.
"Public-private partnerships are critical to the sustainable growth of Malaysia's space industry.
"The government plays a critical role in providing policy support, funding and creating an enabling environment.
"Meanwhile, private companies, both established players and emerging start-ups, can contribute innovation, resources and expertise," he said in an interview on Astro AWANI's Notepad with Ibrahim Sani on Monday.
Kamarul added that the Malaysian Space Exploration 2030 initiative and the Space Industry Strategic Plan (SI SP) 2030 outline the country's purpose and objectives in space exploration and technology development.
"The focus now is to implement sustainable, long-term programmes that will create a thriving space industry in Malaysia," he said.
