A forum to discuss Macau’s appropriate economic diversification under the government’s “1+4” development strategy was held by local thinktank, the Collective Wisdom Policy Centre, yesterday at the Social Services Building of the General Union of Neighbourhood Associations of Macau (UGAMM) in Toi San district.
The union is generally known as Kai Fong, its name in Cantonese.
The one-day forum aimed to share knowledge and advice of professionals and experts from various sectors regarding the government’s proposed “Development Plan for Appropriate Economic Diversification of the Macau Special Administrative Region (2024-2028)” in line with its “1+4” development strategy, which comprises “big health”; modern finance; high tech; and conventions and exhibitions as well as culture and sport.
Addressing the forum, Macau Economic Association President Lau Pun Lap emphasised that the economic development of Macau has been overshadowed by global geopolitical tensions and changing external circumstances, which has caused uncertainty for Macau. Trying to attract investment from both the Chinese mainland and overseas has thus become more challenging than ever, Lau said, adding that the development of talented human resources plays a key role in maintaining Macau’s competitiveness in the international tourism market.
Ip Sio Kai, president of the Collective Wisdom Policy Centre, said in a speech that the implication of “planning” was to give a signal of determination by the government to centralise resources and take the lead to ensure the development needs of the market.
Recently, Ip said, the local legislature has passed plenty of bills aiming to improve the legal environment in order to protect investors’ rights. He added that legislation was crucial for protecting investors and hence increasing their confidence in fintech. Private-public collaborations, according to Ip, enable the removal of obstacles to the acceleration of fintech development. “When talking about planning, everyone is a stakeholder,” Ip added.
Choi Tak Meng, president of The Macau Association of Information Technology Professionals, said that Macau’s major drawback in its appropriate economic diversification drive was its lack of connections between information technology (IT) and other sectors. According to Choi, the government needs to have a more precise definition of “friendly entrepreneur environment”.
In his speech, Wong Fai, who heads the Macau Leisure Tourism Services Innovation Association, raised Macau’s tourism-carrying capacity, especially in the post-pandemic years where the number of visitors has been recovering rapidly. Wong said the focus should be to focus on MICE (meetings, incentives, conferences and exhibitions) to attract more people to travel to Macau and, thereby, enabling them to explore Macau’s neighbourhoods and the local culture as well.
Panelists address yesterday’s forum hosted by the Collective Wisdom Policy Centre at the UGAMM Social Services Building in Toi San district, including well-known economist Lau Pun Lap (centre). – Photo courtesy of TDM
