Discover Luxembourg's space adventure and the challenges the space industry will face in the next decade. Arendt & Medernach, the leading law firm in Luxembourg, continuously supported the space and satellite industries and have developed the firm's expertise and experience in these domains. We are now really looking forward to helping other businesses on their journeys into space.
Should you require more information, please contact Laurent Schummer, Bob Calmes and Blazej Gladysz.
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Our space adventure started thirty years ago with the creation of SES and the launch of its first satellites. SES has since become a very multinational player in the domain of satellites. It has recently launched a governmental satellite in a private-public partnership with the Luxembourg government and is currently a pillar of the Luxembourg space industry. However the Luxembourg space industry is more than just SES. Our space industry currently has more than 30 companies and accounts for at least 2% of the Luxembourg GDP. The recent space resources initiative also shows that Luxembourg continues to follow new innovative paths in the space adventure.
In the context of the space resources initiative, Luxembourg has introduced a new law on the exploration and use of outer space resources. This law provides a stable and predictable legal framework for space mining activities and also clarifies that space resources are capable of being appropriated. This pioneering European legislation also sends a clear message that space operators are welcome in Luxembourg.
One of the biggest challenges that the space industry will face in the next decade is to find adequate funding models. In the past, it has mainly been high net worth individuals who have funded the space industry. Recently we've seen more and more venture capitals funds but also public-private partnerships and other new models that are emerging. And we believe that Luxembourg, being the largest financial centre in the Eurozone and one of the largest investment funds centres globally, is well-positioned to contribute to this democratisation of investment in space. Our firm was given the opportunity to assist in the 1980s when the first satellites were launched. Since then we have continuously supported the space and satellite industries and have developed the firm's expertise and experience in these domains. We are now really looking forward to helping other businesses on their journeys into space.
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