Macau government launches month-long public consultation for Second Five-Year Plan
The Macau government has launched a month-long consultation (ending September 2) for its five-year plan. The “Second Five-Year Plan for the Economic and Social Development of Macau” provides a clear direction for the economic diversification of Macau.
the traditional Chinese medicine and health industry,
the modern financial industry,
the transformation and upgrading of
high-tech industries and traditional industries,
convention and exhibition commerce and trade,
cultural and sports industries.
The Government is of the view that the plan will enhance synergy between different industries. This will be facilitated by the development of new industries using a versatile approach in terms of policy, human and financial resources. This will, in turn, speed up Macao’s appropriate economic diversification effort, and support the city’s sustainable development.
Gaming-related forecasts
The table below presents planned forecasts related to Macau’s gaming sector. The numbers reveal that the government aims to reduce GDP reliance on gaming from the reported 74.2% to circa 60% by 2028. Interestingly, the percentage of employees engaged in non-gaming related work is forecast to remain relatively at the same levels. Thus, numbers indicate that despite plans to reduce GDP reliance on the gaming sector by about 14 percentage points, the government plans to retain the current number of employees in 2028.
The document mentions the agreement with gaming operators committing to the expansion of increasing the influx of tourists from foreign countries and the promotion and development of non-gambling projects. Specifically, it outlines strategies for the gaming concessionaries related to the strengthening of marketing strategies in foreign countries, the promotion of non-gaming activities, enhancing Macau’s reputation on a global level, improving transportation services. The plan outlines a proposed expansion of Macau International Airport, with an increased capacity of 3 million above the 10 million it handles currently.
The document specifies the continuing efforts of the Macau government to increase the competitiveness of the gambling industry through the promotion of responsible gambling, and tougher enforcement of related industry law. Additionally, the government is committed to continue to improve the regulation of the gambling sector.
The document proposes a gradual increase of the contribution to GDP of the four major industries, continuously reinforcing the dynamics of economic development and general competitiveness. The objective is to reduce the weight of the non-gambling sector to about 60% of GDP.
The document concludes with the reinvigorated commitment of the Macau government to “firmly comply with the demands of the Central Government, persisting in entrepreneurship and innovation, further driving the sustainable and healthy development of the economy.”
In conclusion, despite Macau’s ambitions for economic diversification, gaming will continue to make a sizable contribution to overall government revenue.
Join us for SiGMA’s upcoming regional summit in Limassol, Cyprus
SiGMA Balkans/CIS will be held at the City of Dreams, Europe’s first integrated resort from the 04 – 07 September.
Industry operators will be able to connect with leading affiliates and two conference stages will feature a number of high-profile guest speakers. There will also be an expo floor, including the SiGMA Startup Village. So much more is happening in Limassol! Check out all the details here.
