A top adviser to Hong Kong has called for the local government to aim for the space economy as the city’s answer to stimulating high-quality economic growth, while seeking to host top-tier international events such as the Apec finance ministers’ meeting to enhance global ties and boost local consumption.
Regina Ip Lau Suk-yee, convenor of the key decision-making Executive Council and chairwoman of the New People’s Party, also proposed a HK$50 million (US$6.4 million) fund on Wednesday to support local young musicians and artists to train and compete overseas, inspired by award-winning pianist Aristo Sham Ching-tao.
The proposals were part of her party’s submissions to Chief Executive John Lee Ka-chiu ahead of his third policy address, which was expected to be unveiled in September.
Ip said that Hong Kong was “well positioned” to look into outer space and its commercial potential, adding it would complement the low-altitude economy, which the city’s leader vowed to boost in his 2024 policy address.
“We have scientists in our university already engaged in supporting the nation’s open space development,” lawmaker Ip told reporters after the proposals were submitted.
“We are well positioned to provide financial support, fundraising support … We have a common law system that can help our government provide input into how to regulate open space for peaceful uses,” she added, describing the suggestion as one of the party’s key suggestions.
She cited a Goldman Sachs research report in March, which showed that the global satellite market was expected to become seven times bigger, from US$15 billion in 2024 to US$108 billion in 2035.
