Space exploration could launch significant economic opportunities for Canada, according to a new report by Deloitte Canada and Space Canada.

The report, published on Monday, examines the economic potential in the space sector for Canada’s economy. It estimated that the industry could generate up to $40 billion by 2040.

In an interview with BNN Bloomberg, Brian Gallant, CEO of Space Canada and former premier of New Brunswick, said the “massive” economic potential of the space sector should not be overlooked.

“It really is an exciting time for the sector. I think it could really have immense benefits for our country and for people around the world,” Gallant said in a Tuesday television interview.

“There are ways in which space can help us tackle global challenges like climate change … It could help us protect our oceans, our forests, it can help us with defense, security, sovereignty. It can help agriculture be more sustainable.”

Gallant added that space innovation also offers the potential for improved telecommunications services, including in rural, Indigenous and remote communities across Canada

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Space sector investment ‘imperative’: Deloitte

Scott Streiner, senior advisor of Deloitte Canada, said he believes strengthening Canada’s position in the space sector should be considered “imperative.”

“For the sake of the country’s economic competitiveness and productivity, and to help ensure national security and essential services for citizens, Canada needs to bring energy and determination to the new space race,” he said in a written statement on behalf of Deloitte Canada.

He said “now is the moment to act” and aim for the goal of a $40-billion space academic by 2040.

Gallant mentioned that Canadian NGOs, think-tanks, and governments have made “important investments” throughout the years when it comes to national contributions to the space sector.

But he made the case that Canada should not hold back on future investments.

“Canada’s in a different type of space race,” Gallant said. “We can’t sit on our hands.”

For the rest of Brian Gallant’s interview with BNN Bloomberg, watch the video above.