PARIS - ESA Director General Jan Wörner and Vice President of the European Investment Bank (EIB) Ambroise Fayolle signed a joint statement on July 13 about working together to enhance the competitiveness of the European space sector. In order to do this, the two organizations will support investments in actors of the sector with promising short- or medium-term perspectives.

The joint statement puts forth the intention of the two organizations to cooperate on devising joint support mechanisms in order to help create a level-playing field for European companies to grow and compete globally.

The space industry has seen a major influx of innovation in recent years. However, much of it has been in the U.S., driven by the deep pockets of Silicon Valley. As other parts of the world work to drive innovation, they must grapple with the amount of funding available to startups. By signing an agreement with the EIB, ESA is making strides in working toward development of the space sector in Europe.

Furthermore, much of the growing innovation is coming from the commercial sector of the market, rather than institutional government agencies. In fact, ESA and EIB recognize this factor as one of the driving forces behind their decision to work together to promote space.

According to the joint issued by the organizations, they will be bringing together their complementary expertise and experience, formalizingt their shared goal of and intention to promote investments in space by developing various axes of cooperation, such as:

-Raising awareness among investors of the potential of space as a driver for innovation and growth;

-Supporting actors in the space sector that have promising short- or medium-term growth perspectives;

-Improving the access to finance for promoters of space projects, including via the study of suitable joint instruments.

Source: ESA
Associated URL: http://www.esa.int/About_Us/Welcome_to_ESA/Enhancing_competitiveness_of_European_space_Sector_with_increased_investments
Author: B. Ostrove, Analyst