In order to achieve the collaborative development of Macao’s “1+4” major industries and Hengqin’s “Four New” industries, the Macao Trade and Investment Promotion Institute (IPIM) organised nine Macao-Hengqin MICE and trade events in the first quarter this year, with the objectives of assisting enterprises to seize the development opportunities of these two regions. Giving full play to the “1+1>2” effects of Macao and Hengqin, these events were expected to give new stimulation to Macao’s appropriately diversified economy and to enhance the integrated development of Macao and Hengqin.

In the first quarter, themed business matching sessions were organised by IPIM for Macao-Hengqin public institutions and environmental enterprises to conduct business matchings at the 2024 Macao International Environmental Co-operation Forum & Exhibition (2024MIECF). IPIM also organised four (4) Macao-Hengqin “Multi-venue Events”, attracting over 140 businessmen from mainland China, Portuguese-speaking countries and Macao. In addition, two (2) Macao-Hengqin MICE Environment Promotion Seminars were held in this period, and IPIM set up a “MICE² Macao x Hengqin” booth at 2024 UFI Asia Pacific Conference. Further, a Macao MICE industry delegation was organised by IPIM to visit the MICE software and hardware facilities in the Guangdong-Macao In-depth Co-operation Zone in Hengqin.

MICE Activities in the First Quarter Led to about MOP 900 million Non-gaming Revenue

In line with the “1+4” planning, IPIM further supported the synergistic development of other major industries through MICE events and investment promotion activities, so as to accurately meet the development needs of the “1+4” industries. According to the data released by the Statistics and Census Bureau, the number of conventions and exhibitions (307) held in Macao in the first quarter of 2024 increased by 31.2% compared with that (234) in the same period in 2023. Among them, the number of exhibitions already exceeded that in the same period in 2019.

The conventions and exhibitions held in the first quarter of 2024 in Macao led to about MOP 900 million non-gaming revenue, an increase of over 50% from the same quarter in 2023 (MOP 600 million). And the increase was mainly brought by the increased consumption of trade visitors to Macao MICE activities who have higher spending power. According to statistics, the per capita consumption of MICE business visitors in the first quarter is MOP 5,148, a year-on-year increase of 18.2%, which is more than twice the per capita consumption of general visitors (MOP 2,293), indicating that the MICE industry is effectively stimulating the development of other related industries. 

In addition, in the first quarter of 2024, the Investor’s “One-Stop Service” assisted 82 new investment projects. Among them, 34 were related to the “1+4” industries, a year-on-year increase of over 17%.

Combining Macao’s and Hengqin’s Strengths to Fortify the Joint Development of Macao-Hengqin Industries

In the second half of 2024, IPIM will make good use of the preferential policies for Macao issued by the Central Government, such as the national policy of “Visa Exemption for 144 Hours in Nine Greater Bay Area Cities and Shantou” for foreigner tourist groups from Hong Kong and Macao entering the Greater Bay Area, and IPIM will continue to conduct a series of inspections and exchanges to publicise the unique advantages of Macao and the favourable policies in the Co-operation Zone. In order to cater to the needs of the market, and in view of the “Prior technical meetings” mechanism and the synergistic Macao-Hengqin investment promotion mechanism, IPIM is dedicated to building multiple channels to create more possibilities for the development of Macao and Hengqin, directing more advantageous resources to these two regions, and optimising the layout of the major industries.

Among them, from 22 to 31 July, a delegation of Macao-Hengqin political and business representatives will go to Angola to attend the “Entrepreneurs Meeting for Commercial and Economic Co-operation between China and Portuguese-speaking Countries”. And the delegation will also visit Mozambique. The “2024 Guangdong and Macao Branded Products Fair” will be held from 25 to 28 July, and its sub-forums will be held in the Co-operation Zone. In addition, it is planned to hold the “Let’s Hang Out – Lusophone and Macao Products Bazaar” in Hengqin in November. And IPIM also plans to organise the representatives from Macao MICE industry to visit Dubai, Thailand, Spain and other regions to conduct MICE promotion and investment promotion.