According to CNBC, the Japanese government announced at an event held in Tokyo on Tuesday that it will provide space start-ups with US$940 million in financial support to promote the rapid development of the industry.
The funds will be issued through investment and loans in the next five years. This is an important part of a project led by the Japanese government, which plans to double the size of Japan's space industry of more than 11 billion U.S. dollars. There are currently less than 20 space start-ups in Japan, and many people believe that this fund is essential to help new companies pay for research or patent applications.
The Japanese government is setting up a specialized agency to manage these funds and linking start-ups with talents from organizations such as the Japan Aerospace Exploration Agency or Mitsubishi Heavy Industries’ rocket manufacturing subsidiary. Initially, start-ups will be eligible for approximately $100,000 in assistance to help them introduce innovative concepts to investors. Promising companies and more mature companies will be able to use the remaining funds for further development.
Japan also announced that it is considering enacting new laws and policies that allow companies to own land developed on the moon, similar to the laws passed by the United States and Luxembourg. So far, the United States and Luxembourg are the only two countries in the world. They have passed laws to give companies the ownership of materials that are mined in space, but they will only be effective after they are mined. British Deputy Prime Minister Etienne Schneider once said that this legal framework has attracted dozens of space companies to this small European country, and more than 70 space companies have expressed their intention to establish in Luxembourg.
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