Gaming resort operator Sands China announced yesterday that seven business ventures have been selected from its Entrepreneurship Recruitment Programme for Rua das Estalagens (草堆街) among 120 entries, including business projects involving Portuguese-style snacks, Portuguese souvenir stores, Macau specialty brand restaurants, and pet cafés.
Cultural Affairs Bureau (IC) Acting President Cheang Kai Meng made the remarks during the programme’s result announcement ceremony held at The Londoner Macao yesterday, with the attendance of Secretary for Social Affairs and Culture Elsie Ao Ieong U, Economic and Technological Development Bureau (DSEDT) Director Tai Kin Ip, Macau Chamber of Commerce (ACM – popularly known as Chung Chung) President Frederico Ma Chi Ngai, Sands China Executive Vice Chairman Wilfred Wong Ying-wai and other representatives from the business sector.
The 120 entries covered categories such as dine-in, take-away, retail, cultural and creative, and performance, Wong said in a speech, adding that after three rounds of “rigorous evaluation” lasting four days, seven entrepreneurial proposals were finally selected.
Wong underlined that the second phase of the programme will be launched after the tenants have started operating in the street, which will depend on the business ventures’ operation situation.
The maximum amount of operational subsidies for the programme is up to twice the initial capital investment, capped at 1 million patacas, which will be disbursed in four phases, and each unit is required to provide a start-up capital of no less than 300,000 patacas, according to Wong.
The revitalisation project for Rua das Estalagens (“Street of Inns”), which was started in April, was launched with the aim of encouraging businesspeople to set up shop there to revive the old-quarter neighbourhood’s economy, according to Sands China.
During yesterday’s awarding ceremony, Ma said that the programme encourages local micro, small and medium-sized enterprises (MSMEs) to move into the Rua das Estalagens area, providing a platform for creative entrepreneurs to showcase their creativity and helping to inject new vitality into Macau’s historic districts.
Cheang underlined that the Rua das Estalagens area is a historical area with strong local characteristics, and the programme launched by Sands China had fully demonstrated its understanding of the government’s policy of revitalising the area and promoting economic diversification.
Cheang said he hoped that the selected companies will make the best use of their resources and work together to create a new look for Rua das Estalagens.
Cultural Affairs Bureau (IC) Acting President Cheang Kai Meng (centre) and seven awardees winning the Entrepreneurship Recruitment Programme for Rua das Estalagens pose during yesterday’s result announcement ceremony at The Londoner Macao. – Photo: Ginnie Liang
