GREATER BAY AREA: MACAO'S DIVERSIFIED DEVELOPMENT OFFERS WEALTH OF CHANCES TO THRIVE

KUALA LUMPUR, July 2 (Bernama) -- The number of visitors to Macao in the first quarter of 2024 has reached 8.876 million, marking a year-on-year increase of 79.4 per cent, with an average occupancy rate of hotels exceeding 85 per cent, according to data released by the Macao SAR Government.

In addition, Macao's gross domestic product (GDP) grew by 25.7 per cent in real terms, the unemployment rate fell to 2.1 per cent, and the median working income of the employed population increased by MOP$1,000 year-on-year. (MOP$100 = RM58.63)

According to a statement, in the fiscal year 2023 government report, the Macao SAR government introduced the "1+4" strategy for moderate diversified development to foster four key industries.

Over the past year, the government has pursued over a dozen investment plans in the science and technology sector, supporting several scientific research achievements with transformation and application prospects.

In the modern financial industry, Macao has leveraged its "free port" status, focusing on specialised finance areas such as bonds, wealth management, green finance, and financial leasing, in which the bond market and debt issuance have seen rapid growth.

Furthermore, the establishment of the Hengqin Guangdong-Hong Kong-Macao Deep Cooperation Zone has expanded opportunities for Macao's diversified development, with development plan for the Cooperation Zone includes construction of the Macao Brand Industrial Park.

As of April this year, the number of Macao enterprises in the Cooperation Zone reached 6,208, a year-on-year growth of 12.3 per cent, and a 33.88 per cent increase since the establishment of the zone in 2021, while the model of "Headquartered in Macao and operating in Hengqin" has emerged as a new development paradigm for Macao's industries.

Despite its small size, Macao carries a significant weight and presents plenty of opportunities, promising a bright future.

-- BERNAMA