Read More
The launch of Shenzhou-20 and the participation of Hong Kong payload specialist Dr Lai Ka-ying mark more than a proud milestone for the city. This did not only demonstrate Hong Kong’s contribution to our country’s space development but we should also now look beyond symbolic participation towards industrial and economic positioning. As the national agenda places greater emphasis on aerospace and the space economy, Hong Kong should waste no time in seizing the opportunity to secure a meaningful role in this fast-rising sector – an opportunity that is no longer distant.
ADVERTISEMENT
SCROLL TO CONTINUE WITH CONTENT
The global space sector is evolving from a state-led frontier into a commercial ecosystem spanning launch services, satellite manufacturing, communications, Earth observation, navigation and robotics. A 2024 World Economic Forum report projects the global space economy will grow from US$630 billion (HK$4.94 trillion) in 2023 to US$1.8 trillion by 2035, driven increasingly by downstream applications in logistics, climate monitoring, telecommunications and digital infrastructure, and more.
Hong Kong is not starting from zero. Local universities have joined national aerospace missions; the city’s research base is increasingly visible in space-related work. During the Shenzhou mission, Dr Lai is carrying out experiments using the Multi-Spectral Imaging Carbon Observatory, a greenhouse gas detection instrument led by the University of Science and Technology. This is concrete evidence showing Hong Kong’s capability and contribution in high-value research, instrumentation, and data strength to national missions.
From Federation of Hong Kong Industries’ perspective, the new space economy is not a sector on its own, but an extension of advanced manufacturing, digital infrastructure, and high-value services. The opportunity lies not only in upstream aerospace activities, but also in downstream applications, such as satellite data services, smart logistics, environmental monitoring, robotics, new materials, insurance, legal services and project financing. This is where Hong Kong can facilitate to develop practical industrial relevance.
Hong Kong’s strengths are clear. Our universities can support frontier research and talent development. As an international financial center with a strong professional services foundation and common law system, Hong Kong can support fundraising, risk management, certification, intellectual property protection, and dispute resolution for space-related enterprises. Just as importantly, the city can link its research and development, capital and international connectivity with the Greater Bay Area’s engineering and manufacturing capabilities. This pathway combining Hong Kong research, GBA manufacturing, and national application is both realistic and strategically relevant.
Policy momentum is also building up. The 2025 Policy Address states that Hong Kong should promote aerospace science and technology and support the space economy, while our government is also backing aerospace research and working on Low Earth Orbit satellite licensing and 6G applications. This direction fully aligns with FHKI’s own advocacy. In collaboration with the Department of Public and International Affairs at the City University of Hong Kong, FHKI published its report “Soaring into Space: Exploring the Industrial Opportunities of the New Space Economy for Hong Kong,” which identified 10 high-potential areas, including, satellites, drones, sensors, new materials, and space finance.
The question is not whether Hong Kong should engage in the new space economy, but how quickly and strategically it can do so. Regional competition is intensifying, and Hong Kong should waste no time – not by trying to replicate a full-scale space program, but by building a focused new space ecosystem around research translation, advanced manufacturing collaboration, satellite applications, financing and professional services.
A dedicated and coordinated platform would help connect government, industry, academia, and investors. It is a win-win situation for FHKI – a contribution to national development and also, a strategic opportunity to drive Hong Kong’s industrial upgrading, innovation, and long-term economic growth.
FHKI is a statutory body with over 2,000 members in Hong Kong from 33 industry groups set up through a legislative procedure, over 1000 members in the GBA, and over 100 members in ASEAN.
