Activities related to the conventions and exhibitions sector, usually referred to as MICE, will be exclusively handled by the Macao Trade and Investment Promotion Institute (IPIM), and will no longer be under the purvey of the Macao Economic Services (DSE), the government announced in a press conference last Friday.
“These are two interrelated projects, [so this is] a way to optimize the functioning of such public entities,” explained the SAR Government spokesperson, Leung Hing Teng.
The proposal will entail the modification of both IPIM and DSE’s organic structure, with the MICE activities to be “centralized within IPIM”, said the institute’s President, Jackson Chang.
Moreover, IPIM will have a specific department dedicated to promoting trade with and products from Portuguese-speaking countries. The department will include two divisions: one for information dissemination and promotion, and another for economic and commercial activities.
“No doubt, in order to promote the initiative further, we need human resources and [will] hire more staff accordingly. But at the current stage, we would rather move our bilingual colleagues to the department,” said IPIM’s president.
In regards to the “reorganization” of DSE’s organic structure, two of the main changes proposed entail organizational changes, while two others consist of changing the designation of existing functions, according to information provided by Mr. Leung.
In addition to the removal of competencies linked to MICE development, and further integration into IPIM, the new regulation proposes the creation of the Department of External Trade and Economic Co-operation, through merging the department for the Management of External Trade and that of External Economic Relations, as well as the Department of Studies.
A new law aimed at simplifying the calculation for compensation paid to depositors is also in the pipeline.
The law proposal to change the current deposit guarantee scheme aims at “reducing the data treatment of participants and depositor entities, speeding up payments,” said Mr. Leung.
The proposal stipulates changes in the criteria to be observed in the definition of compensation values, thereby considering the balance of deposit guarantees from depositors within the participating entity, in addition to related interests. Debts contracted by depositors with the participating entity won’t be considered.
Overall, the new regime would enable “increasing the effectiveness of compensation paid by the Fund of Deposit Guarantee and enhancing the guarantees granted to depositors’ rights and reasonable interests,” added the MSAR Government spokesperson.
Mr. Leung clarified that the payment coverage could reach up to 90 per cent, adding that the initial fund foreseen for the scheme is of some MOP150 million.