Business secretary Lord Mandelson and science minister Lord Drayson announced that the £40m International Space Innovation Centre (ISIC) at Harwell will be created, with the Department for Business, Innovation and Skills' Strategic Investment Fund contributing £12 million to the project.
The centre will be based at the European Space Agency facility which opened last July and will become the main hub of the British space industry.
Lord Mandelson said that the space industry is worth £6 billion to the British economy and can be considered one of the country's success stories.
'Britain's space industry has defied the recession. It can grow to £40 billion a year and create 100,000 jobs in 20 years. The government's commitments on space will help the sector go from strength to strength,' Lord Drayson added.
Last month, a report by the Space Innovation and Growth Team claimed that the UK can achieve success in the manufacture of small satellites and capture ten per cent of the world's space market.
The centre will be based at the European Space Agency facility which opened last July and will become the main hub of the British space industry.
Lord Mandelson said that the space industry is worth £6 billion to the British economy and can be considered one of the country's success stories.
'Britain's space industry has defied the recession. It can grow to £40 billion a year and create 100,000 jobs in 20 years. The government's commitments on space will help the sector go from strength to strength,' Lord Drayson added.
Last month, a report by the Space Innovation and Growth Team claimed that the UK can achieve success in the manufacture of small satellites and capture ten per cent of the world's space market.
