Chief Executive Ho Iat Seng met with the Prime Minister and Minister of State, Communications and Media, Religious Affairs, Digitization and Administrative Reform of Luxembourg, Xavier Bettel. During the meeting, both sides exchanged views on strengthening cooperation between Macau and Luxembourg in various areas, including modern economic and trade and finance.
Ho Iat Seng said expressed his wish to use this visit to learn from their successful experience in developing the financial sector, to contribute to the development of the modern financial industry and the proper diversification of the economy.
At the meeting, the Chief Executive made a brief presentation on the current and future development of Macau and the Guangdong-Macau Deepening Cooperation Zone in Hengqin, explaining that according to the country’s overall plan, Macau is focusing on the development orientation of “one Center, one Platform, one Base”, and actively supports the “One Belt, One Road” initiative, striving to participate in the construction of the Guangdong-Hong Kong-Macau Grand Bay and the Deepening Cooperation Zone. He added that the Macau SAR Government has also set up the “1+4” strategy to develop appropriate diversification, and the investment of Luxembourg enterprises in Macau and the Hengqin Zone is welcomed, which helps facilitate the entry of products into the Chinese market.
The Chief Executive noted that the financial sector is an important part of improving the industrial structure, and the operation and success experience of the Luxembourg Stock Exchange is a good reference for the Macau Government. He added that since the signing of the memorandum of cooperation in 2020 between the Luxembourg Stock Exchange and Chongwa Financial Assets Transaction (Macau), S.A, Macau and Luxembourg have built collaboration in the financial area, in addition, the two sides may also strengthen exchange and cooperation in promoting the issuance of renminbi bonds.
Prime Minister Xavier Bettel mentioned that Luxembourg and Macau have many similarities, namely the population, and despite their small geographical size, they have a very high Gross Domestic Product.
The same official indicated that Luxembourg, as a cooperation partner of Macau, will continue to promote, jointly and dynamically, the development of industrial diversification, and the two parties may soon deepen their exchange in financial cooperation. He added that under this principle, they can also strengthen the collaborative relationship in various areas, especially in trade, in addition, sustainable development cannot depend only on a single sector, although this country has good development in the financial sector, it is necessary to promote other sectors to stabilize the overall economic development, in this sense, Luxembourg would like to share this experience with Macau.
