As Covid-19 has affected the whole world, the UK’s economy is no exception. Like all other sectors, the UK’s space sector has also suffered.
The Prime Minister has vowed to strengthen and support this sector to stimulate its activities for tackling climate change, the Covid-19 pandemic, and other global challenges.
In this regard, The Space Sector COVID Support Plan has been established by the government for innovation and investment in the UK space ecosystem. He also showed his firm determination for the growth and revival of the UK’s space sector after Covid-19.
The Impact of Covid-19 on the Uk’s Space Sector:
Despite the strong resilience from Covid, the space exports and foreign investments of the UK’s space sector have fallen to a great extent. As this sector receives one-third of its income from exports.
The demand (export) for space products and services from the international market has fallen up to 47%. Besides, around 52% of companies have stopped and delayed overseas investment.
The Department for International Trade (DIT) is going to support The Space Sector COVID Support Plan (SSCSP) for the overall growth and upliftment of the space sector through practising a commercial approach for bringing new avenues of investment. It’ll coordinate with some other government departments for this purpose.
For achieving the given targets, the UK’s government will be working on the following areas:
- New Space Sector Export Academy to train and educate businesses related to space technology.
- Keep supporting Leicester Space Park to create high opportunities for foreign investors.
- Doing a series of economic support for a better revival.
The support plan was announced in accordance with the latest series of economic support to different sectors of the UK including education, tech, agri-food & drink and retail & customer. It’d only be possible through overseas trading and government support.
These measures will build back better the UK’s overall economy and in particular the space sector from the aftermath of Covid-19.