Paris: France will invest 500 million euros ($609.5 million) in boosting innovation in the space industry in an attempt to battle outgrowing the US and Asian competition, President Emmanuel Macron has said.
He said that 30 million euros will be invested in the development of new rocket engine and hydrogen propulsion technologies, stressing that "France must remain a country of innovation and production where there is a future for space."
"This is the area that has seen growing American and Asian competition in recent years. ... That is why we need to organise ourselves, reduce undue intra-European competition, continue European investment and innovate more," he said.
IANS
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