UPDATED 6.08pm Space technology could soon boost New Zealand's economy, as the Government eyes ways to help the fledgling industry.

A suite of law changes and international agreements have been announced, to allow rocket and satellite launches.

Economic Development Minister Steven Joyce said local company Rocket Lab has proved successful, and needs to be given room for its plans to provide low cost satellite launches.

He said those launches could be as often as every month.

"Currently Rocket Lab employ around 100 highly paid rocket engineers - they're looking at several hundred once they're up and running."

Rocket Lab CEO Peter Beck said regulation is a necessary step.

"We operate under regulations from the United States as well so this is no surprise. It's just what's required to build a good regulatory framework for a space industry in this country."

Mr Beck said the space industry is a significant earner.

"The government realises the opportunity that New Zealand has to participate in the space industry. It's a over $300 billion a year industry."

Mr Joyce agrees saying it's time to make use of our natural advantages for getting into space.

"We have a relatively low intensity use of our airspace, we're not crowded like lots of places. We also have quite good launch angles in terms of where we are placed on the planet."

However, manned launches were highly unlikely in the near future.

"Even though I am slim I won't be fitting inside these rockets," Mr Joyce said.