The Macau government announced on August 31st that a new fund of 11 billion patacas (1.17 billion euros), created to diversify the local economy, will be open to investing in foreign companies. The Executive Council of the Chinese semi-autonomous region concluded the discussion on the rules that will govern the Government Guidance Fund, created at the end of February, which will be managed by the Macau Investment and Management Company (MIMC).
The Executive Council spokesperson, Wong Sio Chak, emphasized that the fund will invest in companies with local and foreign capital that contribute to Macau's development, encouraging local employment and the development of qualified personnel. António Tam Chi Neng, administrator of MIMC, indicated that there will be a mechanism for mandatory withdrawal of public investment when companies fail to meet contractual requirements or in situations of corruption.
O Lam, Secretary for Social and Cultural Affairs, had promised in August to review the framework for attracting qualified personnel to increase its efficiency. Macau's Third Five-Year Economic Development Plan sets as a goal creating favorable conditions for attracting qualified professionals from Portuguese-speaking countries.
The president of the Luso-Chinese Chamber of Commerce and Industry in Macau, Carlos Cid Álvares, stated that the decision opens doors to Portuguese-speaking investors interested in China, considering that the fund could serve as a catalyst for companies from Portugal, Brazil, and Portuguese-speaking African countries to find in Macau a strategic partner and capital to scale their projects in Asia.
