Moon landing: can the space industry revive the Thai economy?

The National Innovation Agency urged citizens to understand that the solution to saving the struggling economy may not be found in Thailand, but on the moon. The agency revealed a new launch pad on Friday for the space industry to use in shuttle missions such as a lunar orbit that Thailand has been dreaming of and striving for in recent years.

Now. with a target goal date of seven years from now, the Thai government hope to send a satellite into space and orbit around the moon. They’ve launched a new startup incubator called “Space Economy: Lifting Off 2022” which is aimed at taking the country’s space industry supply chain and filling gaps to create a viable platform for the kingdom to go to the moon.

But the executive director of the NIA, a division of the Ministry of Higher Education, Science, Research and Innovation says that it’s more than just (moon) pie in the sky and that the effort to join the space race will provide valuable social and economic benefits right here on Earth as well.

He explained that the moon mission is part of Thailand’s new “S curve” industries and that they expect a 10% annual growth on an already booming revenue. The space industry already has 30 billion baht of economic value, with over 1,000 businesses that are in the industry or at least in space-related industries.

“Promoting the development of space-related products and services is an important mechanism to boost the growth of the country’s other industries. [It] will see Thailand become part of a global space industry worth US$1 trillion and will generate enormous revenue.”

SOURCE: The Nation