ANKARA, Dec. 13 (Xinhua) -- Turkey has formally established a space agency to develop the country's space program, according to a presidential decree on Thursday.

Turkey Space Agency, with financial and administrative autonomy as well as a special budget, will prepare and carry out the National Space Program in line with the policies determined by Turkish president, the decree said.

Speaking at a defense industry summit in the capital Ankara, Turkish Industry and Technology Minister Mustafa Varank said the new agency will pave the way for the establishment of an indigenous aerospace industry and determine the strategies on space technologies, Daily Sabah reported.

The agency will also pursue multilateral and bilateral cooperation with its international counterparts, Varank added.