Macao's Economic Diversification Reaches New Heights

KUALA LUMPUR, Dec 11 (Bernama)  -- A recent graduate from California, Hui Ho-Kit has returned to his hometown in China’s Macao Special Administrative Region (SAR) with a mission to introduce advanced robotics technology from the Chinese mainland.

Leveraging the resources and opportunities provided by the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), he was able to establish his business and tap into the region's growing tech ecosystem, according to a statement.

Hui highlighted the collaborative advantages within the GBA, where each city leverages its unique strengths—Macao’s Portuguese ties, Hong Kong’s financial power, and Shenzhen’s leadership in smart manufacturing—creating an environment conducive to innovation and growth.

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His journey symbolises the ongoing transformation in Macao, which is moving away from a gaming-dependent economy to embrace new industries.

Since its return to China in 1999, Macao has steadily diversified its economy, with the GBA playing a key role by providing resources to support sectors such as technology, finance, and culture. Currently, Macao is emerging as a centre for innovation, not just tourism.

Last November, the Macao SAR government released a development plan for 2024 to 2028, aimed at further diversifying the economy, with a focus on sectors such as high-tech industries, modern finance, and traditional Chinese medicine.

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This plan aligns with the growing trend of tech innovation in the city, exemplified by increased revenue from industry-university-research collaborations and the rise in patents from Macao's higher education institutions. Macao also made strides in space exploration, launching its first space science satellite at the Jiuquan Satellite Launch Center last May.

Large-scale events, such as the International Fireworks Display Contest, the International Music Festival, and the Grand Prix, continue to attract millions of tourists each year, providing a fresh source of energy for Macao’s economy and helping reduce its reliance on gaming.

Additionally, infrastructure development, including the Guangdong-Macao Deep Cooperation Zone in Hengqin, has enhanced connectivity with neighbouring cities like Zhuhai. The high volume of daily cross-border traffic boosts trade, tourism, and collaboration, further strengthening Macao’s role as a regional hub.

Strategic land development and sustainable urban planning are also contributing to the city’s balanced growth within the GBA, ensuring continued economic prosperity.

-- BERNAMA