Macau’s business community is pinning its hopes on a nearby island three times its size to help diversify the city’s economy and move away from relying mainly on casinos.
The island of Hengqin, in neighbouring Zhuhai, packs the potential to help the city expand its meetings, incentives, conferences and exhibitions (MICE) industry, experts have said.
Beijing has long set Macau the mission to “appropriately” diversify its economy and reduce the gambling industry’s overwhelming presence.
This was first spelled out in the 11th five-year plan released in 2005, a year after Sands, Macau’s first American-run casino, opened its doors.
Incoming chief executive Sam Hou-fai has made reducing Macau’s reliance on gambling a top priority. His inauguration on Friday will coincide with the 25th anniversary of the city’s return from Portuguese to Chinese administration.
Based on a blueprint prepared by outgoing leader Ho Iat-seng, Macau aims to grow four sectors: a “big health” industry; modern financial services; technology; and conventions, exhibitions, trade, culture and sports.