Moon landing: Will the space sector help Thailand’s economy?

The agency displayed a new launch pad on Friday in preparation for the space industry to use it in shuttle missions like a lunar orbit, which Thailand has been dreaming and working towards recently. The executive director of the National Innovation Agency (NIA), a division of the Ministry of Higher Education, Science, Research and Innovation, asserts that the effort to join the space race will also have important favorable social and economic repercussions on Earth. Despite the nation’s rapidly expanding economy, he claimed that Thailand’s new “S curve” businesses, which include the moon mission, are predicted to increase by 10% annually.

The National Innovation Agency urged people to recognize that the moon, not Thailand, might hold the key to reviving the economy. The space sector, or at least industries related to it, is home to more than 1,000 businesses, and the sector is already worth 30 billion baht. Seven years from now is the target date that the Thai government has set for launching a satellite into lunar orbit. Promoting the growth of goods and services associated to space is a crucial strategy for accelerating the expansion of the country’s other industries. Thailand will thus experience substantial financial growth and become a part of the $1 trillion global space economy. With the aim of leveraging the country’s supply chain for the space sector and filling in any gaps to construct a sturdy foundation for the kingdom to fly to the moon, they have launched a new business incubator called “Space Economy: Lifting Off 2022.”