08:25 GMT28 January 2021
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    PARIS (Sputnik) - French President Emmanuel Macron on Tuesday pointed to the excessive competition in the European space industry and called for larger investments, noting that Paris would allocate 100 million euros ($121.5 million) for space projects in the next two years.

    "In terms of [economic] recovery, we have decided to invest 100 million euros in space, which will cover innovations related to carrier rockets, speed up our projects and the entire industry," Macron said during his visit to ArianeGroup aerospace company in Vernon.

    The French leader then emphasized the urgency to reduce competition within Europe.

    "This is the area [space] that has been seeing rising competition in recent years. ... That is why we need to organize ourselves," Macron said.

    The president visited the ArianeGroup site in the French department of Eure earlier in the day together with Economy Minister Bruno Le Maire and Minister of Overseas Sebastien Lecornu.

    Tags:
    EU, investment, Emmanuel Macron, space exploration, France
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