Macron announces over $600mn investment in space sector

Top Stories

»	Sensex, Nifty open marginally higher over crude price correction
»	Sensex, Nifty post early gains over correction in crude prices
»	FIIs offload Rs 7,620 crore this week, domestic investors infuse Rs 11,232 crore
»	68 Japanese firms finalising manufacturing, research plans in India: Ashwini Vaishnaw
»	India highlights 3 pillars of Security, Connectivity, Opportunity for global trade at SCO meet

IANS | 13 Jan, 2021
France will invest 500 million euros ($609.5 million) in boosting innovation in the space industry in an attempt to battle outgrowing US and Asian competition, President Emmanuel Macron has said.

During his visit to ArianeGroup aerospace company in Vernon in northern France on Tuesday, Macron said the two-year investment plan "will cover innovations related to carrier rockets, speed up our projects and allow us to go faster in global competition," Xinhua news agency reported.

He said that 30 million euros will be invested in the development of new rocket engine and hydrogen propulsion technologies, stressing that "France must remain a country of innovation and production where there is a future for space."

"This is the area that has seen growing American and Asian competition in recent years. ... That is why we need to organise ourselves, reduce undue intra-European competition, continue European investment and innovate more," he said.