USJ scholar predicts economic growth in Hengqin amid government efforts

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Hengqin will see an increase in economic activity in the near future amid ongoing government efforts to draw businesses there not only from Macau but elsewhere, University of Saint Joseph scholar Emil Ip has said.

The business scholar
made the prediction on the sidelines of a talk by the France Macau Chamber of
Commerce on the prospects of the cooperation zone between Macau and Hengqin
today (Wednesday).

During the event, the
scholar highlighted the accelerating pace of government policies and specific
initiatives aimed at wooing the businesses the Hengqin island wants in the post-pandemic
days.

“After the pandemic, we
have seen an acceleration of government policies,” the scholar said. “I believe
with all these specific policies in place, there will be rapid growth within
the next half year.”

In March this year, a rulebook on the 106-square-kilometre economic cooperation zone came into effect, on top of a 2021 blueprint that set the tone for the grand initiative that would reshape the future of Macau.

Financial incentives
such as tax exemptions for professionals and enterprises also came out in
detail on the heels of the release of the lengthy rulebook.

The scholar believes that Hengqin is shaping up to be a hub for ambitious businesses looking to expand their reach into the Greater Bay Area.

However, the head of a local youth group for the Greater Bay Area acknowledged that a lack of traffic and frequent visitors to Hengqin could be a challenge in attracting businesses and visitors seeking a bustling environment.

 “Of course the market also needs to react and find
out what things need to be done,” said the speaker. “I think it’s up to
different bureaus [of Hengqin] to ask local SMEs to participate in the development
of Hengqin.”

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