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Prime Minister of Luxembourg to Attend the Forum

The Open Innovations Forum 2017 will be attended by the Prime Minister of Luxembourg, Xavier Bettel, and Economy Minister Etienne Schneider. This will be Prime Minister Bettel’s second visit to Russia: he previously met with Russian President Vladimir Putin and Prime Minister Dmitry Medvedev in October 2015 during a two-day working visit to Sochi.

 

Last year, the government of the Grand Duchy of Luxembourg announced its plans for space mining. The government has invested over 200 million euros in projects to extract rare earth metals from asteroids. The first reconnaissance missions are planned for early in the next decade.

 

In July 2017, it became known that Luxembourg would be the first country in the world to give businesses ownership rights for the extraction of mineral resources in outer space. Ispace, Blue Horizon, Deep Space Industries, and Planetary Resources have already filed applications to take part in the project. The resources will be used both on Earth and in space to colonize other celestial bodies. These plans are directly related to the topic of the discussion “Extraction of Resources on Asteroids. A New Space Race?” to be held on October 17 during the second day of the Open Innovations Forum.

 

Is space the common heritage of mankind, and is it possible to assign space resources to make a profit? How will the ban on the national appropriation of celestial bodies be circumvented? Who is ready to invest the funds required to achieve the initial phase of resource extraction in the foreseeable future: the state, private players, venture capital investors? Will space mining trigger the next industrial revolution? How will the new market be arranged? The panellists will try to answer all of these questions.