Macau's New Leadership Aims to Transform Casino-Dependent Economy

Macau's chief executive-elect, Sam Hou Fai, introduced his governing team featuring Tai Kin Ip as the secretary for economy and finance. Tasked with diversifying the economy, the new government aims to reduce reliance on gambling, which constitutes 80% of the region's tax revenue, by emphasizing non-gaming industries.

Macau's incoming chief executive, Sam Hou Fai, has announced a new slate of officials tasked with guiding the region's economic trajectory, emphasizing a shift from a casino-dominated landscape. Unveiled at a press conference, this team includes seasoned economy minister Tai Kin Ip, who will spearhead the push for economic diversification.

Ip, previously director at Macau's economic and technological bureau, steps into the role as secretary for economy and finance, succeeding Lei Wai Nong. His primary responsibility will be to reduce Macau's heavy reliance on gambling, an industry contributing approximately 80% of its tax revenue. The plans involve bolstering non-gaming sectors, targeting 60% GDP contribution post-pandemic.

This initiative follows a government blueprint introduced last year, focusing on tourism, leisure, and emergent industries like traditional Chinese medicine, health, and financial services. Sam's administration, backed by pro-China panelists, will maintain two existing secretaries, underscoring continuity amidst change in Macau's strategic economic direction.

(With inputs from agencies.)