Cyprus further solidified its position in the global satellite industry in 2024, with the launch of its fifth telecommunications satellite by Overhorizon, a company with Swedish ties.

This marks another significant step for Cyprus in space technology, following the country’s successful satellite launches under the national flag, which includes active companies like Hellas Sat.

Deputy Minister of Research, Innovation and Digital Policy Nicodemos Damianou announced during the 2025 budget debates that Cyprus plans to boost investment in this sector by increasing the number of commercially exploitable satellite registrations.

The ministry for Research, Innovation and Digital Policy is focusing on attracting more investment into the satellite communications sector.

This includes intensifying efforts to secure commercial exploitation of satellites, with the aim of enhancing the utilisation of Cyprus’ satellite resources and boosting state revenues.

Currently, this sector generates annual revenues of €1 million, with expectations to grow significantly as new launches are scheduled for 2025.

An agreement with the European Space Agency (ESA) includes a financial contribution of €3.2 million, 80 per cent of which will be reinvested into the Cypriot economy through funding for projects.

Additionally, the government is working on finalising the ‘Cypriot Space Development Medium Term Action Plan’ and joining ESA as an associate member, which will enhance access to ESA’s data and support through the planned signing of the ‘ESA Security Agreement’.

To foster a local space industry, the ministry is also developing a ‘Space Business Incubation Programme’.

This initiative will support start-ups in space technology and applications, offering mentoring, coaching, and networking opportunities aimed at nurturing a dynamic industry in Cyprus.

In the broader context of space activity, 2023 saw a total of 221 orbital launches worldwide, an 18 per cent increase from the previous year.

The US and China led these efforts, with significant contributions to the total launches, highlighting the growing importance of space economies globally.

The European Geostationary Navigation Overlay Service (EGNOS), which Cyprus participates in, is another facet of the expanding space sector, providing satellite navigation services for aviation and maritime sectors.

This robust activity underlines Cyprus’ emerging role in the international space economy, expected to surpass €1 billion in turnover, driven by strategic partnerships and a strong regulatory framework outlined in the newly enacted Space Law (Law 93(I)/2023).