„Last year, the global value of the space sector was more than EUR 554 million. With a forecast to triple to EUR 1.66 trillion over the next decade, participation in ESA opens up many new opportunities for Lithuania to grow this high-potential sector,“ said Aušrinė Armonaitė, the Minister of the Economy and Innovation.
This year alone, ESA has approved 8 projects from Lithuanian companies and scientific institutions under the Third Country Programme exclusively for Lithuania. Almost EUR 1 million is expected to be allocated for their implementation.
In addition, to strengthen the Lithuanian space ecosystem, an ESA Business Incubator (ESA BIC Lithuania) has been established in Lithuania to provide technical and advisory support to space start-ups and to support the development of innovative space products and technologies.
Currently, eight space start-ups are participating in this incubator. Lithuanians are also trying their hand at ESA astronaut selection, with 80 of our nationals taking part.
Space Hub LT, which operates within the Innovation Agency and is responsible for developing the space ecosystem and implementing space policy, is a major contributor to the growth of Lithuanian space companies, the ministry said.
In the two years of its operation, the Space Hub LT team has helped 23 Lithuanian companies to participate in international exhibitions, actively advised companies on funding opportunities and helped them prepare international applications, find partners and obtain large investments.
Lithuania aims for its space sector to account for 1% of GDP by 2027.