Macao will continue to work closely with the authorities on the mainland, to help realise the first-phase development goals of the Guangdong-Macao Intensive Cooperation Zone in Hengqin. The two sides would also work together to implement the Development Plan for Appropriate Economic Diversification of the Macao Special Administrative Region (2024-2028), and the city’s “1+4” industrial development strategy.
The realisation of the first-phase development goals for the Cooperation Zone, coincide with the commemoration this year of the 25th anniversary of Macao’s return to the motherland, said the Chief Executive, Mr Ho Iat Seng, on Thursday (18 January). He was speaking as chairman at the first plenary meeting in 2024 of the Economic Development Council.
The Central Government recently published the Overall Development Plan for the Guangdong-Macao Intensive Cooperation Zone in Hengqin, and the Special Measures to Relax Market Access in the Guangdong-Macao Intensive Cooperation Zone in Hengqin. These two documents were of great significance in terms of supporting Macao in its appropriate economic diversification effort, said Mr Ho.
The Government was actively promoting these favourable policies to various sectors, and conducting focused discussions and soliciting suggestions from those sectors, based on the particular characteristics of their industries. This approach aimed to help Macao seize this significant new development opportunity, and make substantial progress in promoting appropriate diversification of the economy.
In the Economic Development Council meeting, Mr Ho noted 2023 had been a productive year for Macao, with the economy showing signs of recovery and growth. Key economic indicators remained stable and positive, while the number of visitors to Macao had significantly increased. Progress had been made in promoting appropriate economic diversification through orderly initiatives, and confidence in Macao continued to strengthen across various sectors.
During the meeting, the Secretary for Economy and Finance, Mr Lei Wai Nong, gave a briefing about Macao’s latest economic situation.
He said that with the normalisation in 2023 of boundary-crossing movement to pre-pandemic arrangements, Macao had seen significant increase in the number of visitors, and accelerated economic recovery. Businesses in various industries had resumed operations in an orderly manner, and there had been an influx of tourists visiting some of the city’s traditional residential communities.
Employment conditions for residents improved, overall prices had been stable, and consumer confidence and market expectations had been steadily recovering.
In 2023, the Government formulated the Development Plan for Appropriate Economic Diversification. A “1+4” strategy to diversify the economy was the main pillar of the plan and set specific goals for the development of various industries over the next five years. As the plan was now being promoted and implemented, it would help expedite the high-quality development of traditional industries and key emerging industries, increase investment opportunities and development prospects for businesses, and build an industrial framework for the city that was in line with Macao’s reality, and its sustainable development. Such steps would also expand employment opportunities for Macao residents.
During the meeting, a number of Economic Development Council members shared their views and suggestions with regards to the Overall Development Plan for the Cooperation Zone, and the Special Measures to Relax Market Access in the Cooperation Zone.
The Chief Executive expressed the hope that the Council’s members would continue to work together to step up Macao’s economic development. Their collective efforts and brainstorming would be instrumental in shaping strategies and in providing valuable insights for the future.
