Macau will expedite the implementation of economic diversification in 2022 as it looks to recover from the ravages of the COVID-19 pandemic, according to Chief Executive Ho Iat-seng.
Addressing the Macao Chamber of Commerce on Friday, Ho acknowledged that Macau “still faces a complex and volatile development situation” in 2022, with ongoing uncertainty set to create “new opportunities and new challenges”.
But he also cited “moderate economic diversification” as the pathway forward, repeating a mantra oft-repeated in recent times in respect to Macau’s outsized reliance on its casino and integrated resort industry.
Diversification is also a feature of amendments to Macau’s gaming law currently being considered by the Legislative Assembly. Among the amendments proposed in the draft bill “Amendment to Law No. 16/2001 – Legal framework for the exploitation of games of chance in casinos” are stipulations that concessionaires must support the development of small and medium-sized enterprises, and support the development of diversification of local industries, among other requirements.
Taking direction from Chinese President Xi Jinping and from the SAR’s second five-year plan, Ho said Macau will not only focus on fighting the COVID-19 pandemic but also look to “promote stable economic recovery, solidly build a solid epidemic prevention and control system, speed up the promotion of moderate economic diversification and promote various construction undertakings in an orderly manner.” It will also, “Improve the business environment, strengthen targeted support for SMEs, promote technological innovation, establish a new talent introduction system and continuously enhance the development momentum of the Macau SAR.”
Ho said there is now a “clearer understanding of the problems existing in Macau’s economic structure” and that China had offered clear thoughts on the future direction of Macau’s development.
“The central government will continue to unswervingly implement the ‘One Country, Two Systems’ policy and continue to support Macau in actively promoting moderately diversified economic development,” he said.
“President Xi’s instructions fully reflect the central governments care for and attention to Macau’s future development, point out the direction for the moderately diversified development of Macau’s economy and greatly inspire firm confidence of all walks of life in Macau in the steady and long-term development of ‘One Country, Two Systems’.”
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