Tasmania is set to create jobs in the booming space industry.
Premier Will Hodgman and Federal Minister for Industry, Science and Technology Karen Andrews have signed a Memorandum of Understanding with the Australian Space Agency.
Ms Andrews said the MoU established a framework for Tasmanian businesses and organisations to get involved in the booming space industry.
"This is essentially the starting point of the space race for Tasmania," she said.
"What we'll be doing is working very closely with the Tasmanian government to make sure we are creating the opportunities to grow existing industries, create new industries and create new jobs."
The signing comes in the wake of the Australian government's $150 million commitment to Australian businesses to contribute to NASA's Moon to Mars mission.
Mr Hodgman said the MoU would create "extraordinary job opportunities into the future".
"This is not about putting a Tasmanian on the moon, though that would be great, but really about the job opportunity and investment to lift Tasmania's capabilities for generations to come," he said.
"Today's MoU, coupled with our strategies to grow our advanced manufacturing and science and technology industries, will further enhance Tasmania's reputation for high-quality, niche products and give our businesses the confidence and opportunity to grow."
Mr Hodgman paid tribute to Independent MHA for Clark Madeleine Ogilvie who attended the signing, for being "one of the first MPs to talk about opportunities in this area".
Science and Technology Minister Michael Ferguson said the state was well placed to participate in Australia's growing space industry.
He urged Tasmanian students to study science because there would be job certainty in "this exciting and growing industry".
"Importantly every region will have the opportunity to start up their space business to be able to contribute to it," Mr Ferguson said.
"Tasmania's investment in new hypobaric facilities, growth of our advanced manufacturing skills base, our radio telescope network and our Antarctic gateway put Tasmania in a strong position.
"Through signing this MoU, our tracking facilities will play an even more prominent role in the next chapter of space exploration."
Space Agency deputy head Anthony Murfett said the MoU would "help identify area where Tasmania has strengths".
"This is an exciting time and one of massive transformation," Mr Murfett said.
"The MoU will be instrumental in transforming space and our lives here."
The MoU will also support the rollout of the Space Infrastructure Fund starting this year, which will invest $1.2 million in space tracking facilities in Tasmania.