CE candidate Sam suggests funds that will drive diversification in key areas

Macau’s sole chief executive candidate, Sam Hou Fai, has said he is considering establishing public funds to support “appropriate” economic diversification in designated key areas of “1+4” emerging industries.

He himself presented these comments during Saturday’s meeting with the 400-person Supreme Electoral Commission, during which he presented his political program and answered voters’ questions. He will run unopposed in the SAR leadership election scheduled for October 13.

The “1+4” strategy refers to the plan launched by the SAR government in November 2023, where “1” stands for tourism and leisure, and the four emerging sectors include modern finance, “great health”, advanced technologies and MICE, culture and sports.

The former top judge confirmed that reducing dependence on gaming is crucial for the city’s development, pointing out that the Covid-19 pandemic was a “lesson” for Macau on the dangers of over-reliance on one industry.

“If another disaster occurred in the future, how would we cope?” Sam Hou Fai asked. “Relying solely on the gaming and tourism sectors is insufficient,” he said, emphasizing the government’s “leading role” in driving economic diversification.

“If we rely solely on the market, it will be very difficult to develop these sectors,” argued Sam Hou Fai, suggesting the creation of “funds” to accelerate diversification.

The Macau SAR government launched a five-year economic diversification plan last November that aims to increase the share of value added in the economy from non-gaming activities to about 60 percent by 2028, up from 49 percent in 2019.

In 2023, taxes on gaming revenues accounted for 77.7%. total current income of the city.

Hou Fai himself also stressed the importance of “attracting high-quality talent” to work in the high-tech and integrated healthcare sectors.

The election campaign started on Saturday and will last until October 11.

Sam Hou Fai’s candidacy has already received the written support of 386 of the 400 members of the Election Committee.