The Guangdong and Macau governments have concluded talks on setting up the development fund for Guangdong-Macau cooperation, which will have initial capital of 20 billion yuan, the Secretary for Economy and Finance of Macau said on Monday.

Leong Vai Tac, speaking at the thematic session on the Guangdong-Hong Kong-Macau Great Bay, as part of the Boao Forum for Asia 2018 in Hainan Province, said that the agreement would be signed as soon as possible.

The Secretary for Economy and Finance noted that the construction of the Great Bay, based on the “One Country, Two Systems” principle and involving three customs zones, opened up opportunities for regional cooperation that had never been used before, which was expected to lead to new ideas, mentalities and concepts for development.

Regarding Macau’s participation in the construction of the Great Bay, Leong said that the Macau Special Administrative Region should make the most of the advantages offered by the Chinese overseas community, namely the linking of Macau’s elites with those of mainland China, the Portuguese-speaking countries, the European Union (EU) and ASEAN, which can help attract foreign investors to the Great Bay and conquer markets in other countries and regions.

Last January, the Secretary for Economy and Finance announced that the Macau government was considering investing part of the financial reserve in infrastructure projects in the neighbouring province of Guangdong, but added the initiative was still under consideration.

Leong Vai Tac, announcing the results of the Guangdong-Macau Joint Cooperation Conference, which analysed national development initiatives, particularly the “Belt and Road,” the 13th National Five-Year Plan and the Guangdong-Hong Kong-Macau Great Bay, added that the more concrete aspects and procedures had yet to be finalised and that, “there is not yet a set amount for these investments.”

The Macau Financial Reserve stood at 490 billion patacas at the end of 2017 (US$61.2 billion), an annual increase of 11.7%, with the basic reserve accounting for 127.9 billion patacas and the extraordinary reserve 362.1 billion patacas. (macauhub)