The vital significance of space for Europe's long-term economic prosperity, strategic autonomy, security, and global influence was emphasized by Deputy Minister of Research, Innovation, and Digital Policy Nikodimos Damianou during the EU Space Council meeting held in Brussels on Thursday. The council discussed the European Space Law, pending a proposal from the European Commission.

In an official statement, Mr. Damianou noted that the new law must provide stability for business endeavors by ensuring legal certainty and predictability. He also stressed that the legislation should adhere to the principle of proportionality and align with globally accepted frameworks to avoid international fragmentation.

Mr. Damianou referenced Cyprus's national space legislation, approved last October, which covers the approval, supervision, and registration of national space activities.

However, he emphasized the importance of avoiding overregulation. The law should be beneficial to the sector, including supportive measures, particularly for small and medium-sized enterprises (SMEs), to facilitate compliance for space companies while promoting competition. The Deputy Minister called for the expedited submission of the proposal by the Commission.

Additionally, a joint meeting of the EU Space Council and the European Space Agency was held, discussing enhancing Europe's competitiveness through the space sector.

Mr. Damianou highlighted the crucial role of space in Europe's long-term economic well-being, strategic autonomy, security, and global influence. Strengthening the competitiveness of the European space sector involves increasing investments in innovative and commercially oriented space enterprises. He underscored the importance of developing quantum technology and artificial intelligence and the potential growth from integrating them into space technologies and services.

The Deputy Minister further emphasized the role of the private sector and the need to encourage the participation of startups in the space industry. Promoting and raising awareness of the benefits of adopting space technologies across various industries is also crucial, he noted. Mr. Damianou stressed the significance of investing in advanced tools that leverage data from space technologies and services.

Consequently, he added, fostering collaboration between the space sector and other industries currently not utilizing space capabilities will lead to innovative solutions that can improve efficiency, reduce costs, and drive overall economic growth.