During the 15th anniversary celebrations for the European Global Navigation Satellite Systems Agency on 10 September, the European Investment Bank, and the GSA signed an agreement to cooperate on supporting investment in the European space-based service economy.

The objective is to create high-skill jobs in the EU by supporting innovative companies and accelerate the development of new applications that use European global navigation satellite systems and earth observation data.

The global space economy has been evolving rapidly in recent years, a growth that has been partially driven by the United States and China as well as other countries that have highly developed new space missions.

According to a recent study on the future of the EU’s space sector, European space entrepreneurs feel there is a lack of financing sources and tend to seek private capital outside the EU, particularly from the United States.

In this context, European public innovation instruments play an essential role in unlocking private capital for the space sector.