Macau to continue to promote economic diversification

Macau’s chief executive Ho Iat Seng has said the city will continue with the implementation of its second five-year economic and social development plan for 2021-2025.

Macau.- Ho Iat Seng, Macau’s chief executive, has confirmed that the territory will continue with its Second Five-Year Plan for Economic and Social Development for the 2021-2025 period. Speaking at the 2022 Plenary Session of the Council for Economic Development, he reaffirmed Macau’s commitment to diversifying its economy.

Ho Iat Seng emphasised that the SAR government will promote the revision of the new gambling law to consolidate and improve the development of the city’s main industries. Authorities want to promote industries such as medical and health, modern finance, high-tech, exhibition and trade, and culture and sports.

The plan points out that while ensuring the stable development of the gaming industry, Macau needs to promote the development of creative and distinctive non-gaming industries to attract more international and diversified tourists.

The five-year plan was released last year to promote the acceleration of economic diversification and cooperation with other regions given the severe impact of the Covid-19 pandemic on Macau’s economic structure.

The plan actually says little about the future of the gambling industry. In one of the few mentions, it says the authorities intend to “continuously increase the mass market’s share of gaming revenue” and strictly review inquiries about the increase of gaming tables.

The government proposed to increase mass market revenue, improve industry laws and regulations, strengthen supervision and rigorously test new slot machine applications.