Macau launches 20 billion yuan fund with six casino firms to diversify economy
Macau's government has launched a 20 billion yuan guiding fund with six integrated resort firms. The government contributes 11 billion yuan from fiscal reserves, with firms adding 9 billion yuan. The fund targets new industries, tech startups, and regional integration with Hengqin and the Greater Ba
The Macau government's 200 billion pataca guiding fund, established to fully implement the strategy of moderate economic diversification, has officially commenced operations.
Witnessed by Chief Executive Sam Hou Fai, Director of the Macau Liaison Office Zheng Xincong, and Secretary for Economic and Financial Affairs Agnes Ieng Hou Kun, government representatives signed agreements one by one with representatives from six integrated tourism and leisure enterprises at the Macau Government Headquarters. As the first batch of social capital, these firms collectively contributed 9 billion patacas, while the government contributed another 11 billion patacas from the accumulated returns of its fiscal reserves, forming the initial 20 billion pataca guiding fund.
In a speech after the signing ceremony, Secretary Ieng said the signed agreements were the result of friendly consultations between the government and the six enterprises, reflecting a spirit of unity and the business community's firm confidence in Macau's future development.
She stated that as Macau actively aligns with the national '15th Five-Year Plan' and fully implements the '1+4' strategy for moderate economic diversification, industrial upgrading, technological innovation, and the transformation of scientific research results require long-term and substantial financial investment. The establishment of the guiding fund draws on the experience of mature neighbouring markets. Through fund investment and market-oriented management mechanisms, it aims to pool social capital, combining policy and market resources to nurture Macau's emerging and future industries.
The fund will focus on new industries, industrial transformation and upgrading, transformation of scientific and technological achievements, and technology startups. This supports the coordinated development of Macau with the Guangdong-Macau Deep Cooperation Zone in Hengqin and the Guangdong-Hong Kong-Macau Greater Bay Area.