Macau Gov’t Hosts Consultation on 5-Year-Plan to Boost Non-Gaming Revenue
August 07, 2023
The government of Macau, through the Policy Research and Regional Development Bureau (DSEPDR), has taken a significant step towards economic diversification by launching a public consultation for its first-ever five-year plan.
The draft plan, which aims to reduce the dependence on the gaming industry, focuses on boosting the four "new industries" under Macau's "1+4" diversification strategy.
The primary objective of the plan is to lower the gaming industry's contribution to Macau's local GDP from 51%, from pre-pandemic figures in 2019, to approximately 40%.
While the gaming industry accounts for a significant portion of government revenue, specifically around 80% through taxes, the plan seeks to increase the importance of other industries without compromising the vital role played by the gaming industry in the government's annual budget.
During the 30-day public consultation period, the DSEPDR accepts submissions from the public and key economic sectors for review and consideration. The consultation process will also include public sessions on Aug. 23, 25, and 26, providing stakeholders with the opportunity to express their opinions.
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