The Economic Services Bureau (DSE) has finished a study on how Macau should reposition itself in the development of its industrial sector, according to a statement from the bureau on Sunday.
Macau’s industrial sector consists of manufacturing, public utilities (electricity, gas and water supply), plus mining and quarrying. According to the Statistics and Census Bureau (DSEC), mining and quarrying are a negligible part of the city’s industrial sector.
The city’s manufacturing sector was once a major part of the local economy, but it has seen a substantial decline in output since the 1990s. According to the Statistics and Census Bureau, the manufacturing sector accounted for 13 percent of gross domestic product (GDP) in 1991. The share stood at more than five percent shortly before the rapid development of the gaming sector took off in the early 2000s, before dropping to a mere 0.6 percent in 2015.
According to the statement, the government’s Five-Year Development Plan, released in September last year, stipulates that the government will study the repositioning of the city’s industrial sector with the aim of formulating effective policies to achieve the upgrading and restructuring of the sector.
According to the statement, since the release of the Five-Year Development Plan, the Economic Services Bureau has asked all local companies that are the holders of a manufacturing licence to complete a questionnaire, after which the bureau analysed the findings with the aim of coming up with policies for the repositioning of the industrial sector.
According to the statement, the study suggests that the city should promote the upgrading of its industrial sector with a primary base of food and health food industries as well as “high-end” garment manufacturing.
The study also suggests promoting “high-value added” manufacturing such as pharmaceuticals, jewellery and gaming machines.
(Macau News / The Macau Post Daily)