The European Space Agency and Enterprise Ireland have agreed to establish a business incubator to support space-related companies in Ireland.

It aims to support more than 25 start-ups dealing with space-related technologies over the next five years.

There are more than 45 Irish companies working with space technology at the moment - generating about €76 million in revenue.

The new venture aims to double the number of high-value technology jobs in the sector to 1,200 by 2020.

Enda Kenny, speaking from the European Space Research and Technology Centre (ESTEC) in the Netherlands, said, "Ireland already has a proud record of building up a cluster of space technology companies and this new space incubator will take advantage of Government investment in research infrastructure in Ireland, the extensive network of technical facilities and expertise of the ESA, as well as the business development resources of Enterprise Ireland.

"I am proud of the Irish companies here today who are representing our country in the evolution of the space industry," he added.