The level of outside investment in the Macau SAR is still “insignificant” when compared to neighbouring regions, and more tax benefits and assistance policies for investors should be put forward by authorities, legislator Wang Sai Man said today (Thursday) at the Legislative Assembly (AL).
According to the legislator elected by the business sector, while accumulated outside investment in the SAR amounted to MOP346.6 billion (US$43.5 billion), and the Macau Trade and Investment Promotion Institute (IPIM) had provided support to 3,000 entities wanting to establish companies in the city, in the am year Shenzhen reported US$421.6 billion in foreign investment and the registration of 67,940 foreign companies.
Inward direct investment to Macao jumped by 167.8 per cent year-on-year to MOP53.9 billion in 2019, most of it glowing to the gaming sector and financial activities.
“Thus, it can be seen that, with the significant increase in the economic capacity and the regional competitiveness of the cities of Greater Guangdong Bay-HongKong-Macau, the SAR needs to move quickly towards attracting investments,” Wang added.
The legislator suggested authorities should accelerate the drafting of laws and regulations to attract outside including more tax benefits, investment guides, and improve the promotion of the city to foreign investors.
“Macau is the center of trade between Portuguese Speaking Countries (PLP) and Mainland China, and it has sufficient foreign exchange reserves […] it should strive to attract companies interested in exploring the lusophone markets to establish firms in Macau,” Wang noted.
The legislator considered that encouraging large companies to settle in Macau would have a beneficial impact on tech development in the city and the training of local human resources.