Singaporean scholar points out ways to diversify economy

Henry Goh

It remains problematic for the region to achieve the goal of economic diversification and draw investors to non-gaming projects, a Singaporean scholar told the Times yesterday.
Speaking on the sidelines of the Pearl River Delta Academy of International Trade and Investment Law 2016 launch yesterday, Henry Goh, associate professor of Law at the Singapore Management University, stressed that the city needs better infrastructures to be effective in attracting investors to the non-gaming market.
Goh said that the city needs to improve its education system so as to be able to attract investors to industries unrelated to gaming. He suggested that he believes this will take a long time.
The scholar also said that the region’s trade and investment exhibitions are only useful to a certain extent. “Unless you have the infrastructure and the capable workforce ready, I don’t think investors would come,” he said.
He stressed that just because businesses are attending such massive exhibitions in the city, it does not guarantee that they will invest in Macau.
When asked whether the region has the capacity to train and further educate residents needed to diversify the economy, Goh pointed out the regional competition.
“Well it would be hard because nowadays Hong Kong and even China are already doing a lot of training. So the question is, why would people want to do it in Macau?” he said.
The professor also argued that Macau is “limited” in its aspirations without partnering with neighboring regions, noting that the city could consider collaborating with other cities in the region such as Hong Kong, Shenzhen and Guangzhou.
As the region has very limited land, the expert believes that affiliating with neighboring cities
will allow Macau to create a synergy that will lead to a more effective way to diversify and “achieve a lot more than what it can achieve on its own.”
Moreover the expert noted that the under-construction Hong Kong-
Zhuhai-Macau bridge is set to attract more visitors to Macau, allowing them to more easily access the region.  Goh hoped that the bridge could also be a way to shore up the economy.
The training on international trade and investment law features courses focusing on international taxation, global governance, international environmental law and China-India economic order.
The Pearl River Delta Academy of International Trade and Investment Law 2016 will continue with daily sessions until Friday at the city’s Cultural Centre. Staff reporter