The Malaysian Industry-Government Group for High Technology (MIGHT), a market-driven technological partnership think-tank, highlights the inauguration of Malaysia Space Industry Corporation (MASIC). This industry-led platform aims to bring together local space industry players to work together towards developing the Malaysian space programme. Ergo, it signifies the government’s unwavering commitment to the space industry’s growth and development as outlined in the Malaysia Space Exploration 2030 and SISP, attracting investments, promoting innovation, and positioning Malaysia as a prominent player in the global space industry towards realising the Government’s aspiration of 1% or RM10 billion contribution to the national GDP from the space sector by the year 2030. The new space race is a complex and varied phenomenon involving a diverse set of actors and objectives. While growing space exploration and utilisation provide numerous potential and benefits, there are also substantial hazards and concerns that must be handled. As the new space race unfolds, all stakeholders must work together to ensure that space remains a peaceful and sustainable realm for the benefit of all humanity. Concerns include space debris and pollution, space militarisation, and the potential conflicts and mishaps. The possibility of a new space race escalating existing geopolitical tensions and widening the digital divide between countries and regions is another matter to be aware of. As such, critical challenges regarding space governance and regulation must also be addressed.
While there are still problems and risks associated with space exploration and use, the potential benefits for humanity are vast. By promoting sustainable energy, improving natural resource management, boosting innovation and entrepreneurship, tackling global concerns, and supporting education and scientific research, the new space economy has the potential to contribute to a more sustainable economy. To reach a more sustainable and fair future, the space industry must prioritise environmental and social responsibilities as it evolves and matures. To conclude, the new space economy is a trend in the new space race, driven by the commercialisation of space and the increasing engagement of private enterprises and entrepreneurs. This trend is expected to continue in the following years as new technology and business models open new space opportunities and markets. Thus, to benefit on this development, it is strategic for governments and stakeholders to ensure that collaboration surrounding space activities are governed and regulated responsibly and sustainably.
By promoting sustainable energy, improving natural resource management, boosting innovation and entrepreneurship, tackling global concerns, and supporting education and scientific research, the new space economy has the potential to contribute to a more sustainable economy.
Malaysian Technology Strategic Outlook 2023/2024 Energy, Healthcare & Space Industry 114
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