Macau will be the major shareholder in the future Chinese Medicine Park to be launched on Hengqin Island, in cooperation with neighbouring Guangdong.
A joint venture will be established to run the Chinese medicine industrial park, of which the Macau government will have a 51-percent share while the Guangdong provincial government will own 49 percent, said Alexis Tam Chon Weng.
Hengqin Island is a part of Guangdong’s Zhuhai city bordering Macau.
The construction of the industrial park will start after approval by the central government, and the project is expected to be completed in three years, according to Mr Tam.
The planning of the industrial park will be submitted to the Macau government in the first half of next year, Mr Tam said.
The Guangdong provincial government has agreed to allocate 0.5 square kilometres of land on the island for the industrial park and the funds will be provided by Macau.
Also until the end of this year, a government-owned company will be set up to run the Chinese Medicine Park.
The statutes of this government-owned company will be ready within two months, Mr Tam assured. “We already have a draft statute and it should be approved before the end of the year.”