The steps are being taken to bolster France's defence capabilities, Macron said, adding that the space initiative would help France in ensuring the safety of its satellites.
United States President Donald Trump had, in 2018, announced the creation of 'Space Force' or the sixth branch of the US military. US Vice President Mike Pence had backed the move, stating that it addressed the "highly provocative demonstration of China's growing capability to militarise space."
France has previously earmarked 3.6 billion euros towards the renewal of its military satellites. Part of the fund is also expected to be used for the launch of three CERES electromagnetic-monitoring satellites, according to French Defence Minister Florence Parly. Spatial radar surveillance system 'GRAVES' will also be modernised with the help of the multi-billion euro funding.
Jean-Yves Le Gall, the President of the French space agency CNES, had earlier stated that the development of the space industry was France's priority and that the organisation was waiting for Macron's decision to form the French "space force".