Boeing has signed a Statement of Strategic Intent to help the Australian Space Agency in its efforts to grow the country’s space industry.

Australia aims to triple the size of the space market segment from A$3.9bn ($2.78bn) to A$12bn ($8.57bn) by 2030.

During this period, the government also intends to increase space industry employment from the existing 10,000 jobs to 30,000.

As per the agreement, Boeing will provide support to the space agency for investments in research and development (R&D), innovation, STEM education and government programmes.

The company will continue to cooperate with the Commonwealth Science and Industrial Research Organisation (CSIRO) in space-related R&D projects. Boeing’s focus on STEM initiatives will be aimed at developing future Australian space engineers.

Boeing Space and Launch senior vice-president Jim Chilton said: “Expanding our relationship with the Australian Space Agency is a significant step for Boeing and a reaffirmation of our long-time teaming with Australia in space.

“We see great opportunity ahead for all of us as Australia continues to grow its space industry and national capabilities.”

“We see great opportunity ahead for all of us as Australia continues to grow its space industry and national capabilities.”

Boeing’s focus on STEM initiatives will be aimed at developing future Australian space engineers.

As part of the STEM efforts, the company supports universities and non-profit organisations, including Space Squad, the Australian Youth Aerospace Association, the Australian Space Design Competition, and For Inspiration & Recognition of Science and Technology (FIRST).

Australian Space Agency head Dr Megan Clark said: “This Statement of Strategic Intent highlights Boeing’s existing collaboration with CSIRO, universities and industry in broad areas such as space debris monitoring, advanced manufacturing and fuel production in space, on-orbit imaging, VR, and remote spacecraft operation.

“This partnership opens the doors for Australian innovators to participate in the global supply chain of the space sector.”

Established in July, the space agency is responsible for coordination of civil space matters.

The agency will focus on seven key priorities, including position, navigation and timing, earth observation, communication technologies services, leapfrog R&D, space situational awareness, robotics and automation, and access to space.

It has so far signed six Statement of Strategic Intent and Cooperation, including the latest one with Boeing.