Singapore is forming its own space agency in an attempt to carve out a slice of a global industry projected to be worth $1.8 trillion in less than a decade.

The National Space Agency of Singapore will be formally created on April 1, 2026, and will seek to attract space companies from around the world to set up in the city state, the Ministry of Trade and Industry said Monday. It will also develop legislation and regulations, it said.

Singapore’s establishment of a formal space agency underscores the global race to secure a spot in the global space economy, which the World Economic Forum predicts will be valued at $1.8 trillion by 2035, up from $630 billion in 2023. That’s being fueled by growing demand for space-enabled technologies such as communication, navigation and observation services, it said.

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The space agency is also part of Singapore’s review of its long-term economic strategies, as it looks to boost global competitiveness amid rising geopolitical and technological disruptions. Technology is featuring heavily in the review with artificial intelligence, quantum computing and decarbonization also featuring heavily. The city-state plans to publish a new road map by mid-year.

NSAS will consider expanding Singapore’s existing constellation of three Earth-observation satellites. Since 2022, the government has set aside S$210 million ($165 million) for space projects.