Luxembourg is the world’s most prosperous nation as measured by per capita GDP. This was not always the case however, Luxembourg was an agrarian society until the late 1970-80s, when it established itself as a major worldwide banking and investment fund management center. However, as EU regulation and competition are changing the realities of this market, Luxembourg has been searching for ways to secure the position of its economy for the future. Under the guidance of Economy Minister since 2012 Etienne Schneider (pictured above), Luxembourg has been pivoting itself towards space and specifically space mining.

Luxembourg is not new all together to the space economy, since the 1980s when it gave funding to satellite backbone operator & major Luxembourg enterprise SES, Luxembourg has had its eyes on the stars. Now, with the advent of the Luxembourg Space Law promulgated August 1, 2107, over 50 international companies have recently set up shop in Luxembourg. The law specifically creates a framework for the mining of space objects like asteroids and giving companies ownership rights to the rare materials that can be mined from objects like asteroids.

“Luxembourg is the first adopter in Europe of a legal and regulatory framework recognizing that space resources are capable of being owned by private companies,” Etienne Schneider said in July 2017. Luxembourg in June 2016 set aside 200 million euros ($229 million) to fund initiatives aimed at bringing back rare minerals from space.

Luxinnovation, a Luxembourg government initiative that helps attract innovative business to Luxembourg, and the Luxembourg Trade & Investment Offices in New York and San Francisco have released together a new English language magazine about business in Luxembourg called Happen with the first issue focused on the space business. It is a MUST READ for anyone interested in Luxembourg business or space.

To check out the Happen Magazine edition on space, check out https://www.luxinnovation.lu/global/wp-content/uploads/sites/3/2017/11/happen_2017.pdf

Interested in Luxembourg’s space market? http://www.spaceresources.public.lu/en.html