HONG KONG, Nov. 17, 2022 /PRNewswire/ -- Following the 2-day APSCO Leadership Development Forum, the 16th Council Meeting was held on 15-16 November 2022. As the only private entity to participate in the roundtable discussion, Hong Kong Aerospace Technology Group Limited (HKATG; 01725. HK) benefited a lot from the event.
Mr. Sun Fengquan, Co-Chairman and Chief Executive Officer of HKATG, and Ms. Yu Qi, Secretary General of APSCO, signed a memorandum of understanding on cooperation
In addition to establishing friendly relations with representatives of government agencies, business units, and scientific research institutions from Peru, Mongolia, Pakistan, Malaysia, Thailand, and other places, the Group has also signed an MOU on the cooperation with Asia-Pacific Space Cooperation Organization (APSCO), becoming the first-ever commercial aerospace company to establish a partnership with the organization, reflecting its vital role in the field of commercial aerospace.
This is the first time APSCO to cooperate with a private entity, highlighting the leading position of HKATG in the industry. The signing of the MOU on cooperation has several significances including 1. Comprehensively deepening the cooperation between the HKATG and the APSCO, to help the development of global commercial aerospace. 2. Give full play to the advantages of HKATG, and allows the Group to contribute to the economic development, people's livelihood security, and national modernization of APSCO members; 3. Offers members high-quality services in manufacturing and satellite launch sites. This MOU is expected to drive HKATG's satellite manufacturing in the "fast lane".
Collaboration is Key to Growth
According to MOU, APSCO and HKATG agreed to cooperate in areas such as aerospace education and training, opening the Group's facilities for members, and optimization of APSCO's supply chain. HKATG will also provide APSCO and its members with its advanced satellite manufacturing center facilities in Hong Kong for satellite assembly, integration, and comprehensive testing. With Hong Kong's geographical advantages and trade policies, HKATG will also provide one-stop satellite application services for APSCO members.
This MOU will certainly create a win-win situation for APSCO and HKATG; the economy, livelihood, and national modernization of APSCO members are expected to be improved with the wide application of satellite services. As a commercial aerospace enterprise, cooperation with APSCO will help HKATG to further expand its business territory.
Strengthen Global Aerospace Industry Chain
The Group's participation in this APSCO forum and meeting has great implications for the promotion of Hong Kong's advantages, talents, internationalization, and integration national development. Compared with other APSCO members, Hong Kong has multiple advantages, including its free-market economy, international talents, and technical support.
As for satellite manufacturing, due to Hong Kong's tax-free policy and well-developed logistics industry, the cost of importing parts from all over the world is much lower than in other places; coupled with the unique advantages of Hong Kong's attractive tax regime, HKATG can reduce the cost of satellite manufacturing by 30%-50% and shorten the manufacturing time by 30%-50%, bringing incomparable competitiveness on the precision manufacturing. As a private entity company in the APSCO forum and conference, HKATG has demonstrated the mutual benefit of exchanges and cooperation between national aerospace and commercial aerospace. It also proves that HKATG is seen as the bridge between the country and commercial aerospace companies.
HKSAR Government Fully supports
The smooth sailing of HKATG in recent years is inseparable from the strong support of the HKSAR government. In recent years, the mainland and Hong Kong have focused on aerospace research and promoted commercial aerospace from development to launch. To echo the "14th Five-Year Plan" and give full play to its own advantages, the latest "Policy Address" also fully supports the development of local innovation and technology. Innovation, Technology, and Industry Bureau is committed to leading the development of innovation and technology in Hong Kong, exploring new service and industrial models, and promoting the "re-industrialization" of Hong Kong.
Innovation, Technology and Industry Bureau actively strengthens support for the innovation and technology community, encourages private organizations to participate in research and development, and promotes the transformation, implementation, and industrial development of research and development results. At the briefing on "China's recruitment of payload specialists in Hong Kong" earlier, the Secretary for Innovation, Technology and Industry, Mr. Dong Sun talked about the development of Hong Kong's aerospace industry, and publicly mentioned the Golden Bauhinia Satellite No. 1'' and ''Golden Bauhinia Satellite No. 2'', reflecting the authorities pay close attention to commercial aerospace development. With the full support of the HKSAR government, HKATG is expected to better play its role as an important pioneer and leader in Hong Kong's "re-industrialization".
The MOU signed by Mr. Sun Fengquan, the Co-Chairman and Chief Executive Officer of HKATG, and Ms. Yu Qi, Secretary-General of APSCO, took a big step towards Hong Kong's "re-industrialization". Focusing on satellite manufacturing and measurement, operation and control services in Hong Kong, building the Asia-Pacific aerospace industry chain, and strengthening capacity building and education and training have set a precedent for the all-around cooperation between local enterprises and global technology companies and international organizations.
Source: Hong Kong Aerospace Technology Group