BERLIN Reuters) - Facing tough competition from China, the United States and eve...
BERLIN Reuters) - Facing tough competition from China, the United States and even tiny Luxembourg, Germany is racing to draft new laws and attract private investment to secure a slice of an emerging space market that could be worth $1 trillion a year by the 2040s.
The new legislation would limit financial and legal liabilities of private companies should accidents happen in orbit, set standards for space operations and offer incentives for new projects, the German economy ministry told Reuters. The figure, which excludes contributions to pan-European programs, is dwarfed by the United States - by far the largest spender on space at almost $40 billion.Hoke said a new lunar Gateway program backed by U.S. space agency NASA offered a chance for Germany and others in Europe to stake a claim to a key role in the market.
Some companies are already considering moving to Luxembourg, which has taken a lead in Europe by enacting laws to limit liabilities and ease restrictions on mining operations. It has also set up a 100-million-euro investment fund for projects. “We are aiming for a lean basic law that is open to the future,” said a spokeswoman for Jarzombek and the economy ministry. “A national space law should focus above all on incentives and make it possible for the German space industry to play a bigger role in global developments.”
The 18-member ESA oversees cooperation on space exploration and launches, but individual countries have their own research and interests, funded outside the ESA budget.
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