New Zealand's government said on Monday it would be reviewing the country's space policy and launching an aerospace strategy as part of an effort to grow the sector.
New Zealand has a small but growing space industry, which produced estimated revenue of NZ$1.75 billion ($1.06 billion) in the 2018-19 financial year, according to a report commissioned by the government in 2019.
The most well known company is launch firm Rocket Lab USA Inc, which launches rockets out of a small town on the country's east coast.
The country's clear skies and diversity of geography make New Zealand an ideal location for aerospace activity, Associate Transport Minister Kieran McAnulty said in a statement.
"The Government's aerospace strategy will make sure that regulations remain fit for purpose, and advanced aviation technology is integrated into transport networks without disadvantaging those who use the airspace."
McAnulty said he had heard from the sector that there needs to be a well-resourced regulator with the ability to keep up with the fast-moving sector.
The government is providing NZ$3.7 million to the Civil Aviation Authority to establish a programme that will in part increase their regulatory capacity.
($1 = 1.6437 New Zealand dollars)
(Reporting by Lucy Craymer; Editing by Rashmi Aich)
