Companies with international ties operating in Macau show mixed sentiment: the economic environment improved slightly compared with the previous year, but recruitment obstacles, rising costs, and regulatory difficulties continue to weigh heavily. Even so, the sector remains interested in new ventures, especially in technology and artificial intelligence, and continues to view Hengqin as a space for expansion.
This picture is outlined in the 2025 MECC Business Sentiment Survey, produced by the Faculty of Business and Law of the University of Saint Joseph and the Economic Development Commission of the European Chamber of Commerce in Macau. The survey was sent between June and August 2025 to companies linked to various foreign chambers, collecting responses from 27 firms, around 40% of the total contacted.
The study describes the business community as “cautiously optimistic,” but without signs of widespread enthusiasm. More than half of respondents, 55.6%, have a neutral view of the development of their sector; 11.1% are optimistic, and more than a third take a pessimistic view. At the same time, 18.5% said they would increase investment in Macau, although the majority expect to maintain current levels or remain uncertain.
When asked about the factors most likely to affect revenues, companies pointed first to economic uncertainty, cited by 63.2% of participants. This was followed by weaker demand, increased competition, the lack of qualified local talent, and geopolitical uncertainty. Among the factors that most hinder doing business in Macau, economic factors stand out clearly, identified by 66.7% of respondents.
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The labour market remains one of the main points of tension. Almost 30% of companies say they face difficulties in recruiting or retaining local talent. The main reason is the shortage of professionals with the required qualifications, followed by salary expectations and the difficulty of finding profiles suited to working in an international environment.
In the case of international talent, one third of companies acknowledge problems. The main obstacle is restrictions on visas and work permits, alongside documentary complexity, lack of clarity over timelines, and slow processing of applications.
More dialogue, fewer obstacles
The survey also shows divergent perceptions of the relationship with the Government. Among the companies that say they feel less welcome in Macau, the most cited reason was the lack of communication channels with the authorities. Conversely, among those that feel more welcomed, better opportunities for local collaboration and more effective communication channels are cited precisely as the main reasons.
Accordingly, the most frequently repeated proposals for improving the business environment are the creation of regular roundtables between the Government and the private sector, and the strengthening of information sessions on public initiatives aimed at the international business community.
Despite the cautious context, the survey shows where the new bets are. Among the companies considering investment in new areas of research and development, 70.4% place technology and artificial intelligence at the top of their priorities, far above sustainability or clean energy.
Hengqin also remains on the radar, although far from attracting consensus. Half of the companies surveyed say they are not considering investing there; 30.8% are considering doing so, and 19.2% already invest there or plan to invest. Among the main attractions are lower operating costs, access to talent and to the mainland Chinese market, and alignment with Macau’s “1+4” diversification strategy.
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On the side of reservations, the biggest barriers are legal and regulatory ones, uncertainty regarding public policies, difficulties in moving corporate finances, and the lack of clear prospects.
The authors stress, however, that the study is exploratory and based on a small sample, limited to 27 companies linked to chambers of commerce with a foreign profile. Even so, the overall reading is consistent: Macau continues to be seen as a destination with potential, but its competitiveness will increasingly depend on its ability to reduce regulatory obstacles, attract talent, and strengthen dialogue between public authorities and the private sector.
