As economic diversification progresses, “a broader range of business opportunities becomes viable,” says Lorne Schmidt. Priority sectors such as “new technologies, arts and culture, sports and leisure, and modern finance… represent opportunities for local and international investment in new businesses,” highlights the Vice President of the Canadian Chamber of Commerce, adding that the incentives in Hengqin “create new markets for Macau-based companies.”
The focus on diversification will dominate the coming years, particularly since the pandemic “taught us that over-reliance on a single source of income—gaming—is not a sustainable model for a robust economy,” Schmidt explains. He believes “Macau is well-positioned to develop spin-off industries targeting tourists who may have initially come to gamble.” In this context, attracting foreign talent will be essential, with Schmidt predicting that “executives will move to Macau to support these industries.”
Macau is well-positioned to develop spin-off industries targeting tourists who may have initially come to gamble.
Lorne Schmidt
Carlos Cid Álvares, President of the Portuguese-Chinese Chamber of Commerce and Industry, is optimistic about the business environment, which “shows signs of improvement,” marked by “ongoing discussions about diversification, new businesses, and emerging opportunities in Hengqin/Greater Bay.” While acknowledging the challenges SMEs face due to competition from online platforms and neighboring Zhuhai, he observes that “many businesses are adapting to these changes.” Despite “a certain degree of uncertainty” in the global economy, which “may be delaying investment decisions,” Cid Álvares predicts a “rise in business confidence and the investment climate by 2025,” driven by the “new political and economic cycle and China’s continued sustainable growth.” He anticipates that European companies will “start investing more in the Greater Bay.” Macau/Hengqin, he emphasizes, is a “unique hub in terms of security, fiscal environment, multiculturalism, infrastructure, history, culture, and convenience.” This positioning represents “a significant opportunity for companies to explore and capitalize on the region’s potential by establishing their headquarters here, operating their businesses in Asia, paying taxes in Macau, and employing local university graduates.”
The Greater Bay is a significant opportunity for companies to explore and capitalize on the region’s potential by establishing their headquarters here, operating their businesses in Asia, paying taxes in Macau, and employing local university graduates.
Carlos Cid Álvares
With 2024 being a year of “gradual recovery and transformation of the business environment,” Rutger Verschuren, President of the French Chamber of Commerce, acknowledges that “recovery has not been equal for all, it is unevenly distributed, and challenges remain, especially for SMEs.” Nevertheless, “businesses are quickly adapting to opportunities driven by technology, cultural industries, and sustainability projects,” resilience being crucial. “Those who make no effort to adapt to the new era may face negative growth,” he warns.
Those who make no effort to adapt to the new era may face negative growth.
Rutger Verschuren
For 2025, Verschuren expects “continued economic growth as the diversification strategy and Greater Bay integration take root and begin to bear fruit.” He is “optimistic about Macau’s potential as a key hub for innovation and international business collaboration.” Through the LeBooster business support program, he aims to “attract foreign investors to the region.”
