On the 10th of January, 2023, the president of the Republic of Djibouti signed a preliminary $1 billion deal with a Hong Kong company to build a facility to lunch satellites and rockets.
The president, Ismail Omar Guelleh signed the partnership agreement with Hong Kong Aerospace Technology for a five-year project to ensure the safe transportation of aerospace materials.
According to the president, the project will include the construction of a port and highway in the Northern Obock region. He also mentioned that the infrastructure will be transferred to Djibouti after 30 years of co-management with the Hong Kong company.
On his Twitter page, he said, “I am delighted to see our country commit to this promising technological and energy development project. The agreement provides for the final concession of the infrastructure built to the Djiboutian side after 30 years of co-management”.
There was a visit by the Hong Kong Aerospace Technology delegation which included the company’s vice president, Allen Fung, on the 4th of January to discuss business cooperation with the government, where the firm promised to provide a win-win situation and promote cooperation with the Djibouti side.
Djibouti is relatively close to the equator, making it an attractive destination for the launch of satellites that can take advantage of the Earth’s rotational speed, ensuring savings on the amount of fuel required to get rockets into space.