Macau must find new growth source, city leader says

 mar26

One of Macau’s top priorities is to identify a new economic growth source, Chief Executive Sam Hou Fai has told a scientific and technological development committee.

During the committee’s first plenary session of the year on Wednesday, Sam urged the city to cooperate with neighbouring Hengqin to contribute to the country’s pursuit of technological advancements.

Macau is not ‘absent’ and ‘falling behind’, the city leader told the session, stressing the need to find ‘highlights’ in its collaboration with Hengqin.

He added that research and development work should not be carried out for the sake of burnishing an image.

All the investment that goes to R&D efforts will translate into fruitful results serving as an industrial driving force, he explained, emphasising applicability and comprehensive efficacy.

Sam’s administration is currently drafting a five‑year plan in alignment with its national counterpart, known as the 15th Five‑Year Plan, with technology taking centre stage.

Sam told the session Macau would be leveraging its technological strengths to help realise national goals.

As part of the ongoing endeavours to diversify itself away from gambling, Macau is betting a lot on technology fields.

In 2023, the Economic and Technological Development Bureau rolled out a certification scheme.

According to information from its website, at least 33 enterprises are covered by this scheme, involving 1,300 staff.

They made a combined annual revenue of MOP3 billion (US$370 million).

Meanwhile, the governments of Macau and São Paulo in Brazil have launched a funding programme, with their joint efforts extending to the cooperation zone.

An industrial park dedicated to biomedicine, integrated circuits, digital technology, and aerospace is also on the horizon.

This facility consists of two parts: a complex opposite the airport in Taipa, and the other one on western Zone E1, one of the five reclaimed areas.

Prior to this initiative coming to fruition, a similar initiative known as an industrial centre is now forming as a prelude.

It is scheduled to become operational in the second quarter of 2026.

https://macaubusiness.com/macau-must-find-new-growth-source-city-leader-says/

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