Macau becoming regional cultural and tourism hub

Raphaëlle Eloy

Raphaëlle Eloy, an Economic Counselor and Trade Commissioner, said Wednesday that Macau is becoming a hub for the cultural and tourism industry. She also believes that more French nationals are attracted to the MSAR due to its booming economy.
The adviser made the comments on the sidelines of the France Macau Business Association (FMBA) Breakfast Meeting, where she and Ms Melanie Gaudin, Director at Ubifance in Hong Kong, shared their views on the topic “Turn Economic Ties into Business Opportunities.”
Ms Eloy reasoned that the Hong Kong-Zhuhai-Macau Bridge, which is also being built by a French company, will enhance the region’s role as a hub.
“For sure, Macau does not have the financial services and industry of Hong Kong. This [Macau] is much more [focused] on tourism and also, of course, the gaming sector. So, do I see Macau as a hub? It’s starting to be, probably, which may not be the same as Hong Kong. I think it’s much more [focused] on the cultural industry and tourism,” she said.
“I think [France still has] a lot of potential in Macau, in particular in the cultural industry. So we still have to develop that,” she added.
Raphaëlle Eloy pointed out that France is the city’s third major import partner, after mainland China and Hong Kong. France sells an assortment of products to Macau, such as cosmetics, wine and fashion products.
Ms Eloy believes that Macau is the “most booming part” of the trade relationship between China and France. “It does reflect the very specific situation of Macau, with a very specific economy, [and] a lot of luxury,” she said.
“If you look at Hong Kong, it is more diversified in terms of [French] export. You also have [French] companies working in the infrastructure industry and financial services [in Hong Kong]. This is less the case in Macau, where we focus more on food, wine and luxury goods,” she said.
Apart from consumer products, the adviser said that there are other industries in Macau where French companies are present. They include waste management and the utility services.
She also pointed out that France is very open to foreign investment and welcomes the investment from China, Hong Kong and Macau.
In terms of the MSAR’s foreign investment friendliness, Raphaëlle Eloy said that there are already good French businesses in Macau, and also that the environment is improving. She also recognized FMBA’s role in welcoming French companies to the city.
Ms Eloy concluded that French people are very interested in “being where the growth is.” Given the economic boom in Macau, some French people are coming to the territory to develop their businesses. “They want to draw the benefits from [the growth of China], and Macau has been so impressive in that respect,” she said.