facebook
twitter
rss
account
search
search
 

Israel to launch civilian space program

July 9, 2010 at 2:26 PM   |   Comments

JERUSALEM, July 9 (UPI) -- Israel plans to invest $77.5 million over five years to jump-start a space program officials say could become a $10 billion civilian space industry.

Israeli President Shimon Peres, a strong supporter of Israeli aerospace initiatives for years, said he expects the industry to develop into a major source of business, Haaretz reported Friday.

Peres and Prime Minister Binyamin Netanyahu several months ago instructed government officials to develop a national space program to help the 25 Israeli firms in the civilian space sector expand their market.

The international space industry is undergoing major changes, including privatization, Israeli officials noted, adding the civilian space market is worth an estimated $250 billion a year. Sources within the Defense Ministry told Haaretz Israel could capture up to 5 percent of the market.

Several officials said they hoped the space program will be included in the 2011-2012 state budget.

"If the space budget is not included in the present budget, we will lose two important years," space agency Chairman Ben Yisrael said.

The $77.5 million planned annual investment is not part of Israel's budget, Haaretz said.

Topics: Shimon Peres
© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
NASA is sending a 3D printer to the International Space Station NASA is sending a 3D printer to the International Space Station
2
The NSA will now map out the entire Internet The NSA will now map out the entire Internet
3
New scientific discoveries during search for missing Malaysia Airlines plane New scientific discoveries during search for missing Malaysia Airlines plane
4
Dogs are the favorite food of leopards in rural India Dogs are the favorite food of leopards in rural India
5
Electric supercar race ends in a serious crash Electric supercar race ends in a serious crash
Trending News
Video
x
Feedback