Macao is on the brink of a transformative shift as Sam Hou Fai, the incoming chief executive of the Macao Special Administrative Region (SAR), underscores the imperative of economic diversification. Speaking in an exclusive interview with CMG, Hou Fai emphasized that diversification is not merely a subject for academic discussion but a crucial necessity for the region's future.
Hou Fai outlined a three-pronged strategy to navigate this transition. First, he calls on the SAR government to take the lead in driving diversification efforts. This proactive stance is essential to foster new industries and reduce reliance on traditional sectors. Second, he highlighted the importance of being proactive in identifying and seizing emerging opportunities that can spur economic growth.
Moreover, Hou Fai stressed the significance of integrating Macao into the greater Guangdong-Hong Kong-Macao Greater Bay Area (GBA). By leveraging Macao’s unique strengths, the region can enhance collaborative efforts to promote shared economic development. This integration aims to create a synergistic environment where Macao can contribute to and benefit from the broader economic landscape of the GBA.
As Macao navigates this pivotal period, Hou Fai’s vision for economic diversification is set to position the region as a dynamic and resilient player in the global economy. His strategic approach is expected to unlock new potentials, fostering sustainable growth and enhancing Macao’s role within the Greater Bay Area.
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Economic diversification a 'must': Macao's incoming chief executive
cgtn.com
