The European Space Agency (ESA) has signed an agreement that will see a space business incubator established in Ireland.

The new multi-disciplinary entity, led by the Tyndall National Institute – and assisted by Maynooth University and the Athlone Institute of Technology – will develop 25 Irish start-up companies in space-related technologies by 2020.

The agreement was signed by ESA Director Genera Johann-Dietrich Wörner.

He paid a courtesy call to the Taoiseach this morning, and also met representatives of the Irish Space Industry Group.

Mr Wörner also addressed students at Trinity College, where he spoke about his vision of developing a "Moon Village".

At @tcddublin the @esa boss @janwoerner is addressing students and researchers about the work of the agency. pic.twitter.com/Fo6L74lp0g — Will Goodbody (@willgoodbody) June 21, 2016

He is also due to announce a partnership with the Irish Research Council, which will see Irish postgraduate engineering and science students participate in traineeships with the ESA.

This afternoon he will visit Irish company InnaLabs, which makes sensors used in the aerospace industry.

Because of its membership of the ESA, Irish companies can compete for contracts from the agency, whose budget is €5bn a year.

According to the Department of Jobs, Enterprise and Innovation, Ireland's ESA investment is expected to result in a doubling of jobs in the sector here to more than 1,000 over the next four years.

Last year Irish companies involved in the space industry generated a combined revenue of €76m, and this is predicted to rise to €135m by 2020.

"Given the high level of technology innovation we have seen in Ireland, Irish space companies are ideally placed to gain a significant share of the global space market and are already expanding rapidly into it," Mr Wörner said.

He also expressed the hope that Ireland would continue to increase its level of investment in the ESA at the upcoming ESA Ministerial Council in December.

"The European Space Agency plays a critical role in developing the Irish space industry, particularly SME and high potential start-up sectors," said Minister for Jobs Mary Mitchell O'Connor.

"This is an exciting time for the Irish space industry, and with the support of my Department and Enterprise Ireland the Irish space sector is set to expand at an unprecedented rate over the next few years."