Macau’s Chief Executive Sam Hou Fai stated in an article published Tuesday that the SAR will invest MOP$130 billion (US$16.1 billion) over the next five years, aiming to raise the contribution of the gross value added (GVA) of non-gaming sectors to around 60% of Macau’s GDP by 2030.
The Chief Executive noted that “appropriate economic diversification is the essential path to Macau’s long-term prosperity and stability – an imperative task for the MSAR Government.”
He further emphasized, “No matter how difficult this task may be, we must carry it through successfully.”
Sam indicated that the government will make substantial and tangible “real money” investments to vigorously advance appropriate economic diversification. Preliminary estimates show that total budgeted investment in major economic diversification projects over the next five years will reach approximately MOP$130 billion.
Specific diversification measures include strengthening coordination for appropriate economic diversification; establishing a government guidance fund and expanding its scale as appropriate; effectively implementing the four major infrastructure projects; enhancing Hengqin’s supporting role in Macau’s appropriate economic diversification; fostering a “fair, transparent and predictable” market order and business environment; establishing institutional mechanisms that are more attractive to advanced international technologies, enterprises and high-end talent; ensuring land supply for economic and industrial development; and promoting urban renewal and cultivating new economic growth engines.
He also stated that Macau will drive economic diversification through four key major projects: construction of the Macao-Hengqin International Education (University) Town; development of the Macao Technology Research Industrial Park; construction of the Macao International Integrated Tourism and Cultural Zone; and completion of the Macau International Airport Hengqin Upstream Cargo Terminal.
Regarding the integrated tourism and leisure industry, the Chief Executive said Macau will actively expand international visitor sources and continuously consolidate and enhance its advantages as a “World Centre of Tourism and Leisure.“
