Macau asks companies to help divesify city’s economy

Macau’s chief executive met with Chinese companies and asked for support to help GDP recover following the pandemic.

Macau.- The SAR’s chief executive Ho Iat Seng has met the Chinese Companies Association to ask for cooperation amid the pandemic crisis.

According to the local news outlet Macau Business News, the leader asked Chinese companies in Macau to support development in a bid to increase the size of the financial sector’s contribution to Gross Domestic Product (GDP).

Ho said the SAR intended to diversify its economy in the coming years, after the pandemic severely impacted on the gaming business, its main industry.

He said he hoped the launch of several public infrastructure projects would boost the economy amid a difficult scenario that saw GDP drop by 58.2 per cent in the first half of the year.

This week a public consultation began on the long-awaited new urban masterplan for the city, which will involve large-scale infrastructure developments.

Ho said that, according to President Xi Jinping’s instructions, the development of the deep cooperation zone between Guangdong and Macao in Hengqin is one important path for local economic diversification.

He emphasised that local authorities expect all Chinese companies in Macau to strengthen their support for the development of the special trade area.