Hong Kong can foster collaboration between different sectors to develop a space economy locally, researchers said.

That call came in a report, titled "Soaring into Space: Exploring the Industrial Opportunities of the New Space Economy for Hong Kong", which was jointly released by the Federation of Hong Kong Industries and City University.

The dean of the university's college of liberal arts and social sciences, Alfred Ho, says Hong Kong's biggest advantages lie in its researchers at different universities that draw talent from the mainland and overseas and being a financial centre and having a good legal system.

"I think Hong Kong can lead and also coordinate many forces and interests to participate in the new space economy," the professor said.

For instance, the report suggests that Hong Kong fully leverage opportunities presented by the Hong Kong-Shenzhen Innovation and Technology Park to collaborate on resource and research developments.

Ho added that since the space economy – which is still in its infancy and can involve the use of space technology by either governments or firms for such purposes as better satellite images for agricultural production – concerns industries from land development to even marine-related economic activities, Hong Kong can play the role of connecting all these sectors.

He says institutions and companies are doing research right now individually, but that they need to work together in order to advance the space economy.

"We are in a very initial stage, hopefully our report will kick-start some discussion."

First released online in January, the report was updated as more places such as the Middle East and the European Union started to invest in the space economy.