Macau gears up for economic revamp

Macau is attempting to reinvent itself after an economic slump last year, but analysts have warned that it will not be an easy road ahead.
Recently just 30 sq. km, Macau has been recently given the jurisdiction of coastal waters covering an area of 85 square kilometers. The government  can use the majority of the added coastal waters to reclaim land as it seeks to develop Macau’s economy beyond the gaming industry .
Ieong Tou Hong, chairman of the Macau Economic Development Promotion Association, told Singapore-
based Straits Times that Macau could potentially become a hub for coastal and maritime tourism, offering activities such as luxury cruises and yachting.
“Besides making Macau a more exciting place, this would also divert tourists from other overcrowded sites,” he added.
Joe Fong, a member of the Macau Chamber of Commerce youth committee, cited the importance of economic diversification and training, adding that Macau is a small market and largely reliant on the gaming industry.
“The coveted new industries need professional knowledge and qualifications, but the youth of Macau generally don’t have them,” he said.
Local political analyst Tam Chi Keung commented,  “With the gaming houses not doing well, non-gaming industries such as culture and education will have to expand their contributions and become the dominant trend in Macau.”
The MICE industry, as well as Chinese medicine, were listed in Macau’s 2016 policy blueprint as potential industries to cultivate.