Macau’s Chief Executive, Ho Iat Seng, said Friday the investment plans submitted by concessionaires in mid-March will form part of its “1+4” model aimed at diversifying the city’s economy.
Ho’s comments were made during a question-and-answer session at the Legislative Assembly, where he spoke at length about the importance of diversification.
The “1+4” model refers to the ongoing development of Macau’s tourism and leisure industries but with additional focus on four new industries – big health, hi-tech, modern finance and finally conventions and exhibitions including culture and sports.
“Macau completed its gambling license tender last year and relaxed its epidemic prevention policy on 8 January this year, thus changing the direction of the ‘1+4’ development mentioned before,” the Chief Executive said on Friday.
“On March 16, the concessionaires submitted their investment plans for this year to the government. The government will now make a judgment based on their investment plans and [integrate] them into the government’s ‘1+4’ detailed plan, which is expected to be announced in June.”
He also stressed that the government has not changed its focus on the “1+4” diversified strategy for Macau’s economic development.
“The ‘1+4’ plan will clarify the development direction of some industries, and will also include the Cooperation Zone in Hengqin,” he said.
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