Seeking to lead the way in Europe to promote commercial ventures in space, Luxembourg is making a small but symbolic bet on the idea of mining asteroids.

Deputy Prime Minister Etienne Schneider said in an interview Thursday that the government has set aside roughly €200 million ($223 million) in public funds to support such projects.

Part of the government’s plan is to create the necessary legal and regulatory framework to persuade investors backing them to set up shop in Luxembourg.

Mr. Schneider, other senior government officials and space experts from both sides of the Atlantic have scheduled a press conference Friday to lay out specifics of the initiative. The move follows an earlier announcement of the government’s interest in the topic, and separate announcements by two startup companies that they have decided to locate in Luxembourg.

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