On December 13, 2023, the caretaker federal cabinet approved Pakistan’s first space policy under which international companies would be allowed to provide communication services through low-orbit communication satellites. Information Minister Murtaza Solangi said that under this policy, Pakistan would also establish a space regulatory regime according to international standards. Ultimately, it aims to develop and enhance Pakistan’s space industry, promote international collaboration, and strengthen domestic capabilities in space science and technology.Today, tapping space potential is vital for both military and civilian use. Satellites play a vital role in every facet of life from navigation, agriculture, urban planning, disaster management, water resource management, health, and industry. It plays an important role in a nation’s socio-economic development. It can also play a role in the promotion of UN Sustainable Development Goals. Most of all, it can be a lucrative way to boost a country’s economy. According to one estimate, global space economy in 2020 was worth $447 billion. Despite having a modest space programme, Pakistan is increasingly leveraging its space-based assets to achieve sustainable development goals and socio-economic development. It is thus important to explore what the Space Policy is, what it means for Pakistan’s space programme and its potential to tap into socio-economic benefits of outer space.