Speaking at the New Worlds conference in Austin, Texas, Étienne Schneider was quoted by CNBC, a financial TV channel, as saying that the country’s space programme generates nearly 2% of GDP.

As a comparison, agriculture contributes 0.3%, according to the government.

Schneider presumably includes satellite operator SES in the calculation, as he outlined that the country’s investment in space industries dates back to the 1980s when the company began a private-public partnership in Luxembourg.

The current strategy focuses on the mining of space minerals, through creating the first legal framework for such activities and attracting space industry actors to the country. The minister was quoted as saying that he had a further 70 space companies in the pipeline, though he stressed the sector was some way off overtaking the importance of the financial sector. He said the share of GDP generated by space activities could rise to 5% but not for another 10 to 15 years, at least.

From 16-17 November, Luxembourg hosts the Newspace Europe conference, focusing on newspace industry and economic opportunities in space.

Click here to find out more about Luxembourg’s space sector.