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Economy Minister: Hungary can become key player in space industry

Hungary's economic ecosystem, infrastructure and intellectual capital make the country capable of becoming a crucial player in the space industry, the national economy minister said in Martonvasar, on the outskirts of Budapest, on Monday.

Hungary’s satellite production capability is not just an economic and security matter, but also one of sovereignty, Marton Nagy said at the groundbreaking ceremony of listed 4iG and space engineering company REMRED’s space technology production centre.

Nagy said the space industry had a “bright future ahead of it”, noting it was one of the world’s fastest-growing sectors in addition to being considered crisis-resistant. Citing estimates, he said the value of the global space economy could grow to 1.8 trillion dollars by 2035 from its value of 630 billion dollars last year.

4iG and REMRED’s investment of more than 10 billion forints (EUR 25.6m) in the new production unit will create at least 85 high value-added jobs, the minister said.

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