Israel signs on to Galileo satellite project

Israel has signed up to take part in the European Union’s Galileo satellite navigation program.

The two sides reached final agreement on cooperation Tuesday, a statement from the European Commission issued Wednesday said.

Under terms of the agreement, Israel will participate in a number of activities involving satellite navigation and timing, including science and technology, industrial manufacturing, service and market development as well as standardization, frequencies and certification.

Israel has also been invited to take a financial stake in the Galileo program through a holding on the Galileo Joint Undertaking under which countries agree to jointly manage the project in return for sharing the funding costs, estimated at €3.25 billion ($4 billion) in the first year.

The EU has also signed cooperation agreements with the U.S. and China.

The agreement with Israel will be a “big boost” for the Global Navigation Satellite System market, the Commission statement said. The market represents 3 billion receivers worldwide and potential revenue of €250 billion per year by 2010.

By year-end, the EU expects to sign agreements with Russia, India, the Ukraine, Brazil, South Korea, Mexico and Australia.

Galileo is the EU’s satellite navigation system and was developed jointly with the European Space Agency. The system is designed to provide the development of a new generation of service using satellite navigation technology, including transport, telecommunications, agriculture and fisheries.