The Macao Trade and Investment Promotion Institute (known by its Portuguese initials IPIM) is to be known as the Investment Promotion Bureau from 1 July, according to a report by public broadcaster TDM.
In addition, the Support Office of the Permanent Secretariat of Forum Macao will be incorporated into the new bureau. The move, according to administration secretary André Cheong, is designed to optimise the functional structure of the support office.
The Investment Promotion Bureau’s main tasks include attracting investment, assisting enterprises in market development, promoting the development of the exhibition industry, promoting economic and trade exchanges and cooperation between China and Portuguese-speaking countries, and supporting the work of Forum Macao.
[See more: MICE events are off to a strong start in 2024]
According to IPIM, there were 1,139 MICE events staged in Macao last year, generating a non-gaming revenue of 6.2 billion patacas or a threefold increase year-on-year.
It says that the spending of conference delegates has also seen an upward trend, with the average per capita consumption growing from 3,781 patacas in 2019 to 4,823 patacas in 2023.
Meanwhile, Forum Macao announced in April that the Cooperation and Development Fund between China and Portuguese-speaking Countries had financed 10 projects worth almost US$500 million since 2013.
