The Macau Trade and Investment Promotion Institute (IPIM) and the Hengqin New Area Management Council announced that from Monday they are accepting applications for investment projects for an area of 2.57 square kilometres of the Guangdong-Macau Industrial Cooperation Park.

IPIM deputy chairwoman Irene Va Kuan Lau and Hengqin New Area Management Board director Yang Chuan said at a joint press conference that the new phase of recruiting investment projects is aimed at attracting high-tech industries, emerging industries, high value-added services and those conducive to the construction of the “Belt and Road” and the Guangdong-Hong Kong-Macau Greater Bay Region.

Yang Chuan considered that this new phase of project recruitment for the Guangdong-Macau Industrial Cooperation Park and the entry into force of new methods for assessing investments prioritises diversified development of Macau’s industries and a new model of industrial cooperation which benefits both Macau and Hengqing.

The Hengqin and Macau authorities established the Hengqin Development Appreciation Commission to select quality projects that benefit the economic development of both locations.

The current recruitment work follows recommendations made in 2014 and 2016 for 83 projects to be admitted to the Guangdong-Macau Industrial Cooperation Park, involving the tourism and leisure, logistics and trade, research and development sectors in the areas of science and education, cultural and creative industries and high and new technology.

The Industrial Park, with a total area of 5 square kilometres, was created with the aim of boosting the development of various sectors including traditional Chinese medicine, cultural and creative industries, education and professional training, among others.

For this new phase to re-launch the Guangdong-Macau Industrial Cooperation Park, the Macau authorities promise benefits ranging from the acquisition of land at reduced prices to tax deductions in exchange for investment in the park located in Hengqin, Zhuhai, bordering Macau, but which will have a taxation structure similar to that of Macau. (macauhub)