"Macau China is truly 'open for business' and welcome new investments in all sector and from all sources." said Secretary for Economy and Finance, Francis Tam Pak Yuen in Geneva.
Secretary for Economy and Finance, Francis Tam Pak Yuen who is attending the session on the Trade Policy Review Report of MSAR of the WTO in Geneva, pointed out that the SAR had weathered the storm of the Asian financial crisis and future prospects were encouraging.
Mr. Tam said: "Macau, China has succeeded - in a very short space of time - in upgrading and modernizing our regulatory and administrative framework" and have achieved "a stable and predictable system within which market forces can operate to secure a steady increase in productivity and growth" adding that Macau's status as a free port would not be changed at this point.
Mr. Tam stressed that the unified Customs Service, which would be established this year, and would ensure that customs procedures were simple, rapid and efficient, as well as strengthening law enforcement capabilities in preventing illegal trade activities.
He also mentioned that a great deal had been achieved, both in enacting legislation against unlawful activities in the intellectual property field and enforcing it, which has led to a dramatic drop in unlawful activities in this area.
"Measures have been introduced, in full respect of our international commitments, to assist our manufacturers to explore new export opportunities." Said Mr. Tam concerning trade policies, adding that in general/; these measures encouraged diversification, both of products and export markets.
Regarding services, Mr. Tam said: "we intend to address the possibility of further liberalization measures, both on our own initiative and in the context of WTO negotiations."
"In areas such as telecommunications, public utilities and transportation, we intend to pursue a policy of liberalization on a gradual basis, taking into account the need to ensure security of supply in Macau and the basic needs of our residents." He furthered.
Mr. Tam also noted that as regards public procurement, "Preferences for local suppliers have been eliminated and mechanisms allowing non - resident companies to bid have been established."
"We are aware that the development of Macau's aviation industry may only be achieved by attracting foreign airlines to operate to, from and through Macau, promoting Macau International Airport as an aviation gateway in the region." Said Mr. Tam, adding that the Government would prepare the legal environment and would create multi - modal infrastructures to ensure that the MSAR could develop as a regional cargo hub.
Regarding financial services, Mr. Tam said that the future policies would be guided by the need to continue the existing currency board arrangement to ensure the convertibility of Macau patacas/; to continue to adapt our regulatory and supervisory standards to "international best practice"/; to continue to diversify from traditional to more technology-based financial services, so that Macau can become a regional financial center/; and to continue cooperation with other supervisory authorities, including information exchange on cross-border financial activities, as well as combating financial crimes such as money laundering.
