Macau: Government invests strongly to boost economic growth in 2009

12 November 2008

Macau, China, 11 Nov – Macau Chief Executive Edmund Ho Hau Wah announced today that the government is going to invest 10.2 billion patacas (US$1.25 billion) in the public works sector in order to stimulate economic growth and to help face potential difficulties going forward for the region, MacauNews reported Wednesday.

“The government is going to launch a series of public works projects that will have a direct impact the economy. These project are, specifically, the first stage of construction of Macau’s light rail (LRT), speeding up the construction of public housing, embellishing roads that belong to the protected areas of World Heritage sites, and some reorganising of old neighbourhoods, in order to stimulate the economy,” the Chief Executive said.

Speaking before the Macau Legislative Assembly presenting the Government Lines of Action for 2009, Ho said that it plans to increase funding for small and medium-sized businesses (SMEs) by injecting 1.5 billion patacas (US$ 187 million) into the Industrial and Commercial Development Fund.

The Chief Executive also announced that the government will present a proposal to the Legislative Assembly to increase the maximum limit of bank guarantees for small and medium-sized companies, from 300 million patacas to 3.5 billion patacas.

The Chief Executive said that one of the government’s priorities for 2009 is “strengthening supervision of financial institutions and ensuring financial security,” despite believing that it is “secure and healthy”. Ho added that the government is committed to strengthening the regional services platform and improving economic and commercial cooperation with the provinces and regions of China..

“The government plans to optimise mechanisms of regional cooperation, namely between the Guangdong province and Macau, between Fujian and Macau, and also cooperation with the territories of the Great Pearl River Delta. As well as this, the government is going to pay special attention to improving cooperative and complementary relations with the Special Administrative Region of Hong Kong,” he said.

Ho added that the government plans “maximise the economic and commercial platform between China and Portuguese-speaking countries, stimulating its relations with regional cooperative organisations namely the Great Pearl River Delta platform, so that from this platform, China, Portuguese-speaking countries and Macau can take full advantage of benefits.” (macauhub)