The COVID-19 pandemic has exposed, more than ever, that the diversification of Macau´s economy is indeed a priority, not only to overcome the challenges of an economic downturn but also to establish a strong base for future growth and prosperity. The Belt and Road Initiative (BRI), and in particular the Guangdong-Hong Kong-Macau Greater Bay Area (GBA) are pivotal in the expansion of Macau’s economic horizons.
The territory is in a privileged position to become a key hub for cross border business, attracting Western companies to invest in China and Chinese companies to invest abroad, especially in the Portuguese Speaking Countries (PSC), through the establishment of joint ventures and partnerships with local business people.
In this context, the Zhuhai Hengqin Free Trade Zone (FTZ) is the ideal ground for Macau´s economic diversification. The SAR has a direct link to other cities in the GBA through Hengqin, and there is a set of measures in place to facilitate trade and investment between the Mainland and Macau. These measures include tax benefits, to individuals and corporates (reduced rate of 15% tax for enterprises), exemption from value-added and/or consumption tax among companies located in the FTZ, simplification of business registration, as well as facilitation of customs and border crossing procedures. Foreign investors can thus benefit from an easier access to the Chinese market and its vast array of business opportunities.
Government, companies, banks, media and other stakeholders – all together we can do!
