Singapore will launch its own space agency on April 1 as it bids to "fully harness the value and opportunities of the growing global space economy", the country's trade ministry announced on Monday.

"Singapore's strengths in advanced manufacturing, aerospace, micro-electronics, precision engineering and artificial intelligence position us well to capture new opportunities in the space technology sector," said the Ministry of Trade and Industry, which will run the new agency.

Global investment in space technology is expected to climb further after hitting record levels in 2025, according to data from investment firm Seraphim Space.

The announcement was made at an inaugural space summit by Tan See Leng, a minister in charge of energy technology at the Ministry of Trade and Industry.

The National Space Agency of Singapore will develop and operate the nation's space capabilities and develop legislation and regulations which support innovation and businesses, among other functions, the ministry said.

Singapore currently hosts 70 space companies, employing around 2,000 professionals in diverse roles and activities across the value chain, the ministry said.

-Reporting by Jun Yuan Yong; Editing by David Stanway/Reuters