The United States passed a law in 2015 that encouraged private companies to undertake mining work beyond Earth, and gives its firms the right to claim resources they may one day be able to extract from celestial bodies. Germany is planning new laws to help it compete for a share of the growing space market after trade organisations and companies lobbied for a formal regulatory framework. Airbus' Head of Defence and Space Dirk Hoke said Germany and Europe were falling behind China and the US in space developments. The German government has been pushing hard for more European involvement in space. The rules will cover the financial and legal position of firms and offer incentives. Research company Euroconsult has said Germany had the fourth largest global economy but the seventh largest space budget at $1.1bn, compared to $40bn for the US.
Germany is planning new laws to help it compete for a share of the growing space market after trade organisations and companies lobbied for a formal regulatory framework. Airbus' Head of Defence and Space Dirk Hoke said Germany and Europe were falling behind China and the US in space developments. The German government has been pushing hard for more European involvement in space. The rules will cover the financial and legal position of firms and offer incentives. Research company Euroconsult has said Germany had the fourth largest global economy but the seventh largest space budget at $1.1bn, compared to $40bn for the US.