Wilbur Ross, the Commerce Secretary stated in one of his speeches held at the US Chamber of Commerce that it is crucial to enhancing the insurance and financing, specifically for the space companies, which is the prime focus of the departments to boost the space economy. He further mentioned that space economy is worth trillion dollars and this is the perfect time to grab the opportunity and make the most of it. He has suggested going for the option of better financing and insurance for the space industry which will encourage the performance. Though he has stated that the venture capital equity funding is growing for the space industry, banks are missing from space finance. Therefore, he has recommended active participation of the banks to give the long-term commercial plans a proper shape.
The Commerce Department had also arranged an investment seminar that was attended by the people with the invitation. The seminar was held at the Washington headquarters that housed both representatives from the financial industry and space sector. The primary motto of the seminar was to pinpoint the obstructions coming on the way of greater investments in space companies and the procedure to get over the same with effectiveness.
In the seminar when the objective was conveyed, he received mixed reactions. Some of the financial firms have witnessed inquiries from the sovereign funds, pension funds, and a few others interested in the industry. Hence, he feels that the need for elaborating the concept of investment in space is crucial. He also stated the fact that none of the investments done on space sectors are of high-yielding, is surprising and shocking.
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