The government held a meeting yesterday to brief association representatives on Macau’s 3rd Five-Year Plan regarding its economy and finance portfolio, during which Secretary for Economy and Finance Dora Ng Wai Han reaffirmed the government’s goal for the value added of all non-gaming sectors to reach around 60 percent of Macau’s gross domestic product (GDP) in 2030.
The meeting, which was attended by about 50 association representatives, was held at the Service Platform Complex for Commercial and Trade Cooperation between China and Portuguese-speaking Countries (aka Forum Macao Complex) in Sai Van.
The meeting was open to the media when Ng delivered her opening speech and officials under her portfolio gave presentations on the 3rd Five-Year Plan regarding the government’s economy and finance portfolio. Afterwards, the meeting was held behind closed doors while attendees gave their opinions and officials answered their questions.
The Macau government announced and published the final version of the 3rd Five-Year Plan last month.
The Macao Special Administrative Region’s (MSAR) 3rd Five-Year Plan, officially known as the 3rd Five-Year Plan for Economic and Social Development, covers the period between 2026 and 2030.
Delivering her speech, Ng said that the 3rd Five-Year Plan is a blueprint that reflects scientific rigour, has a forward-looking vision, and is practical in terms of feasibility, adding that the plan clearly outlines the government’s goal of making new and concrete achievements in appropriate economic diversification.
Ng noted that Chief Executive Sam Hou Fai has repeatedly stressed that appropriate economic diversification is the essential path to maintaining Macau’s long-term prosperity and stability, a “must-answer question” for Macau, and the government’s core task in its economy and finance portfolio.
Ng underlined the government’s commitment to advancing Macau’s appropriate economic diversification in compliance with its 1+4 model: consolidating and diversifying the development of the city’s tourism and leisure industry, i.e., the “1” element, while enhancing the competitiveness of four new key industries, i.e., the additional “4” elements, namely (+1) big health mainly driven by traditional Chinese medicine (TCM), (+2) modern finance, (+3) high-tech, and (+4) MICE and commerce as well as culture and sport.
Ng stressed that the government will ensure the implementation of its 1+4 plan with its four future large-scale projects and a government guidance fund as key drivers, reaffirming that the government is aiming for the value added of all non-gaming sectors to account for around 60 percent of Macau’s gross domestic product (GDP) in 2030 – an increase from 56.7 percent in 2024.
Moreover, Ng said, the government is committed to creating a more competitive business environment and building a sound ecosystem for industrial development. The government will also continue to optimise its various support measures to assist local small- and medium-sized enterprises (SMEs) with their transformation and upgrading, enabling them to play a greater role in the new landscape of appropriate economic diversification, she said.
High-tech, TCM big health
During yesterday’s meeting, Economic and Technological Development Bureau (DSEDT) Director Yau Yun Wah gave a presentation on the 3rd Five-Year Plan regarding the government’s initiative to promote the development of high-tech and TCM big health. The government will advance the initiative in three major aspects, he said.
The first is to support local pharmaceutical enterprises in intelligent upgrading and enhance the capacity of the State Key Laboratory of Mechanism and Quality of Chinese Medicine – which is run by the public University of Macau (UM).
The second is to improve the ecosystem for Macau’s high-tech industry, advance the construction of the Macao Science and Technology Research and Development Industrial Park, draft a bill aiming to promote the city’s sci-tech industry, and study the feasibility of setting up a shared platform for large-scale scientific research equipment, a computing power centre, and an internet exchange point.
Yau also said that the government expects to complete designing the Industrial Park project within this year, adding that the first construction project in the large-scale park is slated to be completed in 2030.
The third aspect is to continue deepening sci-tech cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), Yau said.
Tourism upgrade
Macao Government Tourism Office (MGTO) Director Maria Helena de Senna Fernandes gave a presentation on the 3rd Five-Year Plan regarding the government’s initiative to upgrade Macau’s tourism and leisure industry.
She said that the government will strengthen the synergy between tourism and other business sectors, while promoting the development of green tourism, the pet economy, the low-altitude economy, study tours, and wedding tourism.
She said that Macau’s tourism will consolidate core markets in Southeast and Northeast Asia, expand source markets in Portuguese- and Spanish-speaking countries, Europe and North America, and Muslim regions, and utilise AI to offer customised service experiences for visitors.
Investment promotion
Commerce and Investment Promotion Institute (IPIM) President Che Weng Keong gave a presentation on the 3rd Five-Year Plan regarding the government’s initiative to strengthen investment promotion.
Che said that the government will create an investment platform for a government guidance fund aiming to steer private capital into key emerging industries such as biomedicine, digital technology, integrated circuits, and aerospace technology.
Che underlined the government’s commitment to vigorously drawing tech firms in and outside Macau to the future Macao Science and Technology Research and Development Industrial Park.
Bond market, fund businesses
Macao Monetary Authority (AMCM) President Vong Sin Man gave a presentation on the 3rd Five-Year Plan regarding the government’s initiative to modernise and diversify Macau’s financial industry.
Vong said that the government will place a stronger emphasis on the development of Macau’s bond market and fund business to promote its economic diversification. The government will also draft a securities bill and propose amendments to the current law regulating Macau’s money issuance, he said.
Secretary for Economy and Finance Dora Ng Wai Han addresses yesterday’s meeting with association representatives about Macau’s 3rd Five-Year Plan at the Forum Macao Complex near Macau Tower. – Photo: GCS
