The significant advancements in the national space program have resulted in outstanding achievements in recent years, the Department of Public and International Affairs and the Department of Mechanical Engineering at City University of Hong Kong conducted research to gain a deeper understanding of global trends in the new space economy and the opportunities for Hong Kong's participation. This research was released by The Federation of Hong Kong Industries (FHKI) in the report titled “Soaring into Space: Exploring the Industrial Opportunities of the New Space Economy for Hong Kong”.

 

The report recommends Hong Kong focus on developing 10 key space economy-related sectors, including: (1) satellite-related industries and services such as communications, remote sensing, and satellite design and maintenance; (2) drone-related industries, especially logistics management in the Greater Bay Area; (3) sensor-related technologies and IoT applications; (4) precision and lean manufacturing including advanced manufacturing and 3D printing; (5) robotics technology design and development; (6) new materials science research; (7) precision and urban agriculture; (8) ecological management and environmental technology; (9) space law and international dispute resolution; and (10) financing services for space-related enterprises.

 

The research indicates that Hong Kong is well-positioned to participate in the new space economy, leveraging its unique strengths.  To promote industry development, the report proposes multiple policy recommendations. These include strengthening cross-sector collaboration and communication between the Government, industry, academia and research sectors; enhancing interdisciplinary research and collaboration; optimising university curriculum design with more internship and experiential learning opportunities; strengthening cooperation and talent development exchanges with the Greater Bay Area; providing incentives to encourage enterprise R&D and collaboration with academia; and improving relevant legal frameworks and business environment.

 

(Download full report)