Executive Council convener Regina Ip said on Tuesday Hong Kong can play a more significant role in the country’s space development and expressed hopes that commercial opportunities in the sector can be explored during an upcoming summit.

Ip made the remarks during a media preview for this year's Global Prosperity Summit, scheduled for May 19 to 21.

The summit, now in its second edition, will feature five major topics: artificial intelligence; climate change; trade war and hot wars; Hong Kong’s bridging role in a changing world; and, for the first time, space development.

Ip, who founded the inaugural summit last year, said there’s room for Hong Kong to play a role in developing the space industry, particularly the commercial aspects.

“Hong Kong has always taken part in the nation's space programme," she said.

"Our universities have contributed technologies, and we are sending experts to join the Chang'e programme.

"So from the viewpoint of technology, we have always played a small but active part.

“We plan to discuss the commercial possibilities, particularly as the financial secretary has mentioned, in his budget speech, the developmental potential of low-orbit satellites.”

The event also marks the first time the European Chamber of Commerce in Hong Kong has joined as a co-organiser.

Local think tank Savantas Policy Institute, which Ip chairs, and the Shanghai Institutes for International Studies co-organised the first summit.

Ip also insisted that US diplomats would continue to participate at the summit, including Kurt Tong and Hanscom Smith, former consuls general to Hong Kong and Macau.

Another highlight of the summit, Ip said, will be a closed-door meeting on the final day, when experts from the United States, Europe and Beijing will discuss economic security and international trade.

Ip has postponed a planned visit to the US, originally scheduled during Easter, saying that she felt the timing was not right and that she will not be travelling there this year.