The Cyprus Chamber of Commerce and Industry (Keve) and the Cyprus Space Exploration Organisation (CSEO) signed a Memorandum of Understanding (MoU) on Wednesday, to strengthen innovation and link the space technology with research.

According to the announcement, the memorandum was signed by Keve president Stavros Stavrou and the CSEO president George Danos.

The chamber explained that the agreement aims to “promote data science, support the development of new technologies and increase public awareness about opportunities in space exploration”.

What is more, the agreement also seeks to “foster educational and social initiatives around the sector“.

“This agreement creates new opportunities for investment and innovation, bringing local businesses closer to the space industry,” said the Keve president.

On his part, Danos pointed out that Keve’s support “could help create a space ecosystem recognised internationally”.

He further stated that that this would help elevate Cyprus’ position on the global space map.

It should be noted that the global space economy was valued at approximately $596 billion in 2024, and is projected to reach $944 billion by 2033, according to Novaspace, a company specialising in space consulting and market intelligence.

This growth is largely driven by downstream solutions leveraging satellite data.

Moreover, as of July 2024, there were 12,994 operational satellites orbiting Earth, with SpaceX’s Starlink constellation accounting for almost half of them, according to CEOWORLD magazine.

The number of active satellites is projected to exceed 60,000 by 2030, according to the British government.

At the same time, the European Space Agency (ESA) is even more optimistic, projecting that around 100,000 satellites are expected to be in orbit by 2030.