FX.co ★ Latvia to spend 4 million euros on space exploration

The Government of Latvia plans to allocate 4 million euros to the study of outer space in order to completely enter the European Space Union (ESA).

To become a full-fledged participant of ESA, the country must comply with the condition of investing 4 million euros in the study of outer space within a few years.

According to Latvian Finance Minister Dana Reizniece-Ozola, the amount of 4 million was determined based on the country's GDP.

Over the past 2 years, Latvia has supported 27 projects on space exploration, spending 3.2 million euros.

The minister also said that private companies are involved in these projects. For example, Baltic Scientific Instruments, Eventech, and AO RD Alfa produce equipment for space research. In addition, the first Latvian satellite Venta-1 was launched into space in June.