The government, through the Policy Research and Regional Development Bureau (DSEPDR), has launched a public consultation on the first-ever five-year plan for the development of Macau’s economic diversification.
The draft plan largely aims to boost the four “new industries” under Macau’s “1+4” strategy for economic diversification with the objective that, in the future, dependence on the gaming industry will be reduced to some 40% of the local Gross Domestic Product (GDP).
In general terms and taking into account the figures obtained pre-pandemic in 2019, the gaming industry accounted for about 51% of local GDP.
Still, it should be noted that the same industry was directly accountable, through taxes, for about 80% of the government revenues, a reason that justifies the need to increase the relevance of other industries but not at the expense of the gaming industry, which the size and volume are crucial for the government’s annual budget.
The Development Plan proposal sets a path for, tourism and integrated leisure business; traditional Chinese medicine and the “Big Health” industry; modern financial services; high and new technology, the conversion and enhancement of traditional industries; and for the convention and exhibition, sports, commercial and trade industries, which comprise the “1+4” strategy.
As the government explained, the “Development Plan for Appropriate Economic Diversification of the Macao Special Administrative Region (2024-2028)” is less of a choice or a local government strategy, and more of a need for the local executive to align with China’s 14th Five-Year Plan and the Outline Development Plan for the Guangdong-Hong Kong-Macau Greater Bay Area.
“Promoting appropriate economic diversification is the only path to solve the deep-rooted issues and problems in Macau’s economic and social development. It is an inevitable choice to ensure the long-term prosperity and stability of Macau and a must-do task both for the government and for Macau’s people from all walks of life,” the government remarked.
Regarding the Plan, the government also said that it “will enhance synergy between different industries – and strengthen comprehensively the capabilities of Macau’s economy – by facilitating the development of new industries using a multi-pronged approach in terms of policy, human resources, and financial resources,” adding that “this work will, in turn, speed up Macau’s appropriate economic diversification effort, and support the city’s sustainable and high-quality development.”
When complete, it is intended the plan will provide guidance on social investment as well as the development of people and the future of key economic sectors.
During the public consultation period, the DSEPDR will be receiving submissions from the general public as well as several key economic sectors regarding the plan.
The consultation period is just 30 days (ending on September 2) and, as usual, will also include several public sessions set to take place on August 23, August 25, and August 26.
The consultation document is available in Chinese and Portuguese and submission may be made directly via the dedicated website (http://www.dsepdr.gov.mo/comment); by phone (2883 9919); by fax (2882 3426); by email (comment@dsepdr.gov.mo); or by post to Rua do Desporto, 185-195, Taipa, Macau.
‘Six-day’ visa-free access to GBA to boost regional cooperation
As a way to deepen the integration of regional tourism and to boost the cooperation between the nine cities and the two regions that comprise the GBA, there is a proposal to optimize the “144-hour visa-free policy with the GBA cities,” the government said, noting that the idea is to make use of the collaboration between Macau and Hengqin as well as other areas to develop a “multi-destination” tourism model.
Coordinated between the GBA cities, there will be a series of touristic, cultural, and sports events to which travelers would be granted “visa-free” access as part of participation in a multi-destination program.
This 6-day visa-free system would be combined with the improvement of the border-crossing model to increase convenience of visa issuance measures, boosting regional exchange for tourists.
