Macao's GDP forecast to grow by 13 pct in 2008
Updated: 2008-02-26 15:30
BOC Macao pointed out in its report that 2008 is an important year for the SAR government to diversify Macao's gaming-led economy, which was itself a development goal set by the SAR government.
Meanwhile, the report also highlighted the development of Macao ' s burgeoning MICE (meeting, incentive, conference and exhibition) industry as an important way to push forward the diversification, and will help boost revenues of relevant business sectors in the city, such as hotel, entertainment and logistics.
The Macao Trade and Fair Association (MCEA) estimated that the industry will generate a projected income of 368 million patacas (US$4.6 million) in 2008 and even 1.55 billion patacas (US$193 million) in 2015.
However, Macao's MICE industry is still in its starting phase compared with Hong Kong and Guangzhou, both of which have decades of experience in developing the industry. Therefore, the future of Macao's MICE industry lies in regional cooperation, said Lam Chuen In, president of the MCEA.
He said the SAR government has planned to implement the ATA Carnet system this year, which hopefully will promote Macao's MICE cooperation with neighboring cities, such as Hong Kong and Guangzhou.
The ATA Carnet ("ATA" stands for the combined French and English words "Admission Temporaire-Temporary Admission.") is an international Customs document that a traveler may use temporarily to import certain goods into a country without having to engage in the Customs formalities usually required for the importation of goods, and without having to pay duty or value-added taxes on the goods.
The implementation of the ATA system will lower the costs of importing exhibits and other relevant materials to Macao, facilitating international companies to run their exhibitions here, said Lam, adding that since the cost of importation is lowered, neighboring cities can provide supporting services, such as storage and advertisement printing, to Macao, through which the whole region of Pearl River Delta will benefit from the development of Macao's MICE industry.
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