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MDA Ltd. a leading provider of advanced technology and services to the rapidly expanding global space industry issued the following statement regarding space commitments announced today in Canadas 2023 federal budgetMDA is extremely pleased to see Canada take a giant leap in the rapidly-growing space economy with a significant commitment to a new flagship robotics mission to the surface of the Moon. The 1.2 billion investment towards a Canadian lunar utility vehicle sends a loud and important signal to the global commercial and government space community that Canada is open for business and intends to aggressively compete to secure our share of this advanced tech innovation market and the high quality jobs it will create.We also applaud Canada for extending its funding commitment to the International Space Station a critical platform for space exploration global collaboration industrial development and innovation in addition to providing additional technology development funding for the next phase of the Lunar Exploration Accelerator Program.As the Earth to Moon economy emerges further Canadian government investment in space will only serve to strengthen the opportunity for the domestic space industrial base in Canada and help to expand it globally. Mike Greenley Chief Executive Officer MDAAdditional Background2022 was another strong year for space with research firm Euroconsult estimating the global space market grew by 8 to reach US424 billion last year while the space economy which also includes non-contracted government activity reached US464 billion.The global space market is projected to grow to over US737 billion within a decade according to Euroconsult. The US Chamber of Commerce projects that the space economy will exceed US1.5 trillion by 2040.Governments around the globe continue to invest in space with 86 nations spending a total of 103 billion in 2022 up 9 year over year.MDA is well positioned to serve most sectors of the space market across our three business areas Geointelligence Robotics and Space Operations and Satellite Systems.In the past 24 months MDA has hired approximately more than 1500 people in Canada to fuel the companys growth.
