Macao to launch govt orientation fund to promote economic diversification

MACAO -- The Macao Special Administrative Region (SAR) government said Friday it will establish a government orientation fund to channel capital into key industries and promote appropriate economic diversification.

An initial injection of 11 billion patacas (about $1.36 billion) from accumulated returns on fiscal reserves, together with the first batch of social capital, is expected to bring the fund's total size to 20 billion patacas, as noted at a press conference.

Tai Kin Ip, the Macao SAR government's secretary for economy and finance, said the fund will support emerging industries, accelerate the transformation and upgrading of local sectors, create more quality and diversified job opportunities, and attract more enterprises and talent to Macao, Hengqin, and the Guangdong-Hong Kong-Macao Greater Bay Area.