Bermuda will explore its potential position in the “space economy”, including through the use of an “Earth station”, the Minister of Home Affairs has revealed.

Alexa Lightbourne told the House of Assembly on Monday that her ministry would start public consultation into a formal licensing regime for the proposed station.

She said it was part of “a broader strategy to develop new high-value economic sectors”.

Ms Lightbourne added: “The space economy is a growing sector — it is technically demanding, jurisdictionally competitive and increasingly consequential to the global economy.

“Bermuda’s objective is to position this island as a credible, well-regulated jurisdiction in that space — one that attracts responsible commercial operators, generates meaningful economic activity and contributes to Bermuda’s long-term diversification.”

Ms Lightbourne was speaking during the final section of the Budget debate this week.

She told the House of Assembly that consultation was being done on how the Government could build “technical capacity and regional standing” in Bermuda.

She said there was an earth station committee that has “engaged and supported” the development of the satellite communications framework.

Ms Lightbourne added that the development, which is set to start this year, would build the island’s already good standing with existing businesses such as the UK Space Agency and Nasa.

She said: “The framework is intended to enable Bermuda to support various licensing opportunities associated with satellite network operators and earth station infrastructure.

“This creates regulatory certainty for operators like Starlink, who are operating in our shores, but also allows for new international businesses to begin doing business in Bermuda and start to diversify Bermuda’s economy while also meeting that international framework standard.”

Michael Fahy, the Shadow Minister of Home Affairs, drew attention to the Bermuda National Space Strategy 2020-25, which he said had been published by the former home affairs minister, Walter Roban.

The strategy laid out plans to integrate Bermuda into the wider space industry through satellite communications, observation and insurance.

Mr Fahy said the strategy included using earth observation satellites for remote sensing for ocean management, disaster preparedness, natural resource management, coastal mapping and erosion prevention.

He asked whether there were strategies in place for private “space insurance” and how many private space companies had contacted the ministry.

He further inquired about the six working groups on the strategy’s advisory panel to see if they had met and what their recommendations were.

Mr Fahy also asked whether there had been any further exploration into how the space economy could contribute to the GDP.

He said: “It seems to me that there is a real opportunity here, based on this paper, for real revenue opportunities.”

Ms Lightbourne responded: “There is no current space legislation, so what we are seeking to do is to evolve the sector.

“The honourable shadow noted the breadth of the sector and that is what we are seeking to advance.”

She said the Space and Satellite Advisory Panel sub-committee was the only one working because of the Ministry of Home Affairs’ review of its satellite legislation.

The ministry was offered a budget of $6.56 million — a 14 per cent boost compared with its previous budget.

The home affairs headquarters received $3.89 million, which included $1.73 million for professional services and $1.72 million for salaries.

The Land Title and Registration Office would receive $1.87 million, while the Department of Energy was offered $795,000.