New Zealand is ready to set the pace in putting rockets into space.

Kiwi company Rocket Lab has today announced the completion of the world's first private orbital launch site on Mahia Peninsula, on the East Coast south of Gisborne.

LISTEN ABOVE: Rocket Lab chief executive Peter Beck speaks with Chris Lynch

Economic Development Minister Steven Joyce opened the Rocket Lab Launch Complex 1 today, saying it would be a catalyst for other space-related activity in New Zealand.

"I'm looking forward to the first launches from Mahia expected later this year, with more to come next year when Rocket Lab launches with commercial payloads," he said.

Rocket Lab has been developed by its chief executive and founder Peter Beck, with breakthrough technology that makes putting satellites into orbit much cheaper than existing alternatives.

Mr Beck said they have a license to launch every 72 hours for the next 30 years and they have clients including NASA lined up.

"At the moment at Rocket Lab, we're employing sort of one or two new people every week, and that continues to be a challenge for us - recruiting enough people fast enough.

"They literally are all rocket scientists that work at Rocket Lab, that's for sure."

"The average cost of a mission is about $132 million in the industry, and we're bringing it down to $5 million. We can achieve that through a number of factors - one, smart technology and the ability to launch from your own site, and also vehicles that are much smaller."

Steven Joyce said the Government's new NZ Space Agency will establish a world-leading regulatory regime for outer space and high altitude launches.

"It has been very busy not only supporting Rocket Lab but also putting in place the foundations for an internationally credible, competitive and well-connected New Zealand-based space industry," he said.

Additional reporting by NZ Newswire