Gov sets sights on improving business conditions

[Photo: Melissandre Denize]

Secretary for Economy and Finance Dora Ng reaffirmed the goal of raising the share of non-gaming industries to about 60% of gross domestic product by 2030, as she outlined the economic priorities of the SAR government’s Third Five-Year Plan.

At a special session Monday, Ng told representatives from community organizations that the plan aims to achieve “substantial new progress in the moderate diversification of the economy” while consolidating the city’s strengths in integrated tourism and leisure.

Ng said the administration will focus on the “1+4” industrial layout and use government-guided funds as key levers to boost traditional Chinese medicine and health, specialized finance, high technology, convention and exhibition trade, and cultural and sports industries.

She also noted that the plan aligns with the nation’s 15th Five-Year Plan and is intended to help Macau better integrate into and serve the country’s overall development. She described moderate diversification as a “must-answer question” for maintaining long-term prosperity and stability, and a core task in the economic and fiscal field.

The government also pledged to create a more competitive business environment, build a favorable ecosystem for industrial development and optimize support measures to help small and medium-sized enterprises transform and upgrade.

“Simultaneously, the Macao SAR Government will also strive to create a more competitive business environment, build an ecosystem conducive to industrial development, and will continue to optimize various support measures, assisting SMEs in their restructuring and modernization so that they can play a more relevant role in the new framework of appropriate economic diversification,” Ng said.

The session, held at the Sino-Portuguese Complex, drew 56 representatives from community organizations, with 15 speaking during the meeting.