Israel plans to invest NIS300m ($77.5m) annually for five years to start up a $10bn-a-year civilian space industry, under a new draft of a space plan.
The new national space programme will aid 25 Israeli firms in the sector, including Israel Aerospace Industries, Elbit and Rafael, to expand their activities in the civilian market according to the Haaretz news agency.
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The five-year plan will be divided into two stages, the first for three years and the second for two years.
In each stage, participating firms will need to complete certain tasks to enable them to compete in civilian markets.
Israeli President Shimon Peres expects the industry to develop into a major source of business.
The international space industry is currently undergoing major changes, including privatisation with the civilian space market, valued at $250bn a year.
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By GlobalDataIsrael could grab up to 5% of this market, according to the Haaretz news agency.
