The Chief Executive, Mr Ho Iat Seng, said thanks to concerted effort across the community, Macao's economy was back on the right track, with good momentum in terms of post-pandemic recovery. Macao had seen a significant increase in the number of tourists it has been welcoming, and had seen revitalisation in all areas of community life.
Mr Ho made his comments on Tuesday (18 July) during the 2nd plenary meeting in 2023 of the Economic Development Council, where he presided as chairman. At the meeting, the Secretary for Economy and Finance, Mr Lei Wai Nong, gave a briefing on the current situation regarding Macao’s economy. Many Council members put forward their opinions and suggestions on the city’s economic development.
The meeting discussed and approved an internal regulation of the Council, and arrangements in relation to the Council’s four task groups regarding research on industrial development policy.
In his speech, Mr Ho said the Government was pressing ahead with the “1+4” strategy for appropriate economic diversification. Further effort would be made to enrich Macao’s function as “One Centre” for integrated tourism and leisure, while expanding the base of international tourists, and facilitating “tourism +” cross-sector integration. The Government would also step up effort to facilitate the development of four nascent industries, namely the “Big Health” industry; modern financial services; high and new technology; and convention and exhibition, sports, and the commercial and trade industries.
The Government had drafted a Development Plan for Appropriate Economic Diversification. The Development Plan proposal set a detailed path for each activity within the “1+4” strategy, including major tasks and key projects. It also aimed to provide guidance on social investment and the development of individuals, in relation to the future of the relevant economic sectors. The Government was now optimising its proposal, after garnering opinions and suggestions from the political sector, other relevant sectors, experts, and scholars. The Government would strive to issue the finalised version in a timely manner, said Mr Ho.
