FHKI Releases Report on New Space Economy

Identifies 10 Key Industrial Sectors for Hong Kong’s New Industrialisation

 

The Federation of Hong Kong Industries (FHKI) released a research report titled “Soaring into Space: Exploring the Industrial Opportunities of the New Space Economy for Hong Kong” today (2 January). Conducted by research teams from the Department of Public and International Affairs and the Department of Mechanical Engineering at City University of Hong Kong, the study provides an in-depth analysis of global trends in the new space economy and Hong Kong’s opportunities for participation. It recommends developing ten key industrial sectors, including satellite, drone, and sensor technologies, while proposing policy recommendations on strengthening education and cross-sector collaboration.

FHKI Chairman Steve Chuang expressed his satisfaction with the research findings, noting: “In recent years, our country has made remarkable achievements in aerospace development, with various provinces and cities introducing policies to strengthen core competitiveness across the aerospace industry chain, from research and manufacturing to professional services. Hong Kong possesses unique advantages in developing the space economy. Through a closer collaboration between among the Government and the industry, academia, research and investment sectors, Hong Kong can secure a position in the space industry value chain. We recommend our Government promptly formulate relevant industrial policies to help the sector leverage Hong Kong’s research foundation, promoting the transformation of advanced aerospace engineering capabilities into part of the ‘New Industrialisation’, exploring broader potential opportunities in the space economy, and supporting the growth of key national scientific research and industries.”

 

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 due to its unique strengths. Hong Kong has multiple top universities with strong faculty in science and engineering, and as an international city, can attract global talent. Its strategic location near launching facilities in Hainan and high-tech centres in Shenzhen and Guangdong Province enables regional synergies. As a major international financial centre, Hong Kong can help startups raise capital, while its sound legal system and intellectual property protection provide a solid foundation for industry development. Additionally, Hong Kong’s strong primary and secondary education in science and mathematics lays the groundwork for future talent development.

 

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.

 

*The research report is available here.

 

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