Luxembourg, one of Europe’s smallest countries is gradually becoming a giant in the space industry.

With a population of just over 590.000, Luxemourg now generates nearly 2 percent of its annual GDP ($61 billion in 2016 ) from the space industry, according to Deputy Prime Minister Etienne Schneider.

Luxembourg’s sights are set on resources in space, and the country’s “space resources initiative” is plans to make the most out of a quickly growing global industry, Schneider says. “It’s a series of measures to position Luxembourg as the European heart of exploration and use of space resources.”

Space mining is Luxembourg’s present focus, but it is not the country’s first encounter with the space industry. In 1985, Luxembourg launched a public-private partnership with satellite builder SES. While Schneider said he believes the satellite business has not reached a negative trend, he does not anticipate the space industry growing beyond the 2 percent GDP mark any time soon.

You can read more about the Deputy Prime Minister’s comments via this link.