The plan unveiled by the government focuses on tourism, healthcare, finance, technology and large-scale events.<\/p>\n\n\n\n\n\n\n\n
Macau.-The government of Macau has unveiled an economic diversification plan for 2024 to 2028.\u00a0According to local media reports, the plan marks a departure from the traditional five-year blueprint <\/strong>and is designed to reshape the city’s economy.<\/p>\n\n\n\n Macau’s authorities aim to bolster the economy by expanding non-gaming sectors<\/strong> and thereby diminishing the historical dependence on casinos for employment and tax revenues. The “1+4 model,” focuses on four industries: healthcare, finance, technology and events in the fields of sports, culture and business.\u00a0<\/p>\n\n\n\n The government expects the non-gaming sector to contribute approximately 60 per cent of gross domestic product (GDP) by 2028. In 2019, the gaming industry represented just over 50 per cent of Macao’s GDP.<\/p>\n\n\n\n The plan also places an emphasis on opportunities presented by China’s Belt and Road Initiative (BRI) and the Greater Bay Area.\u00a0The secretary for Economy and Finance, Lei Wai Non<\/strong>, said a substantial portion of the plan’s goals will be driven by market dynamics, with the government adopting a more guiding role. The plan underwent a 30-day public consultation period in August and September.<\/p>\n\n\n\n Non-reliance on gaming is an issue that was addressed when the city’s casino operators renewed their licences. The six Macau casino operators have collectively pledged\u00a0to invest a minimum of MOP108.7bn (US$13.48bn) in non-gaming initiatives<\/a>\u00a0and explore overseas markets.\u00a0<\/p>\n\n\n\n