MICE sector set as priority for economic diversification

Lionel Leong unveiled his cabinet’s plans to diversify the local economy, emphasizing the need to boost the convention and exhibition sector first. This is in order to hopefully prevent MSAR’s economy from relying solely on the gaming sector.
“The exhibition and convention sector is one of the most important industries for the promotion of Macau’s economic diversification,” he assured.
Mr Leong acknowledged in a speech that Macau’s economic development has entered “an adjustment phase,” as casino revenues have declined over nine consecutive months since June last year.
He also revealed that Macau saw a 21.1-percent decrease in gaming services exports in the second semester of last year. In the same period, the Gross Domestic Product (GDP) contracted 10.2 percent in real terms, representing a negative growth of 0.4 percent in 2014.
Foreseeing a negative growth in GDP for this year as well, the government is now committed to boosting Macau’s MICE sector (meetings, incentives, conferences and exhibitions). The government will work on attracting internationally renowned fairs and exhibitions, and will aim to foster regional cooperation in the convention and exhibition sector, Mr Leong added.
He pledged to implement policies backed by the central government, eyeing the expansion of the MICE sector.
To further develop the non-gaming sector, the government will launch a study on the potential role of Macau industries in economic diversification, while also focusing on developing the Guangdong-­Macau Traditional Chinese Medicine Industrial Park.
The government will also call on gaming concessionaires to boost their non-gaming offerings. It will later assess whether operators are complying with current concession contracts while analyzing their investments in non-gaming components.
Moreover, Macau’s administration is considering requesting that gaming operators give preference to products manufactured in Macau.