Macau, China, 21 Feb – Macau’s secretary for the Economy and Finance said Monday that the document outlining the preferential conditions for investment on Hengqin Island, in the neighbouring municipality of Zhuhai, will be ready as soon as possible.
As soon as the document, which will contain details about tax benefits, is ready, the Macau government will begin work to attract investment to the Guangdong-Macau Industrial Cooperation Park on Hengqin Island (Mountain Island), said Francis Tam Pak Yuen.
“Many investors want to know in detail what the tax benefits are and the opening times for the border and we should have that document ready as soon as possible so that investors can calculate precisely how much money they want to apply on the island,” said Francis Tam.
The secretary noted that some larges projects received by the Macau Centre for Investment and Trade Promotion included tourist and entertainment facilities as well as the future Traditional Chinese Medicine Industrial Park on the island, which is close to the islands of Taipa and Coloane.
In January Macau and Zhuhai set up a company to develop the Chine Traditional Medicine Industrial Park, with expected investment of 1.2 billion yuan (US$190 million), which will be responsible for building and managing the park.
According to English-language newspaper The Macau Post Daily, Francis Tam said that Macau was still negotiating new border posts with the Guangdong authorities as well as the procedures relating to people, vehicles and goods. (macauhub)
- Policies applied to Hengqin Island are more far-reaching than those in Chinese economic zones
- Construction of Macau-Guangdong Chinese Medicine Park due to begin in first quarter of 2011
- Chinese company Ningbo to supply equipment for project to develop Hengqin island
- Macau government to build traditional Chinese medicine centre in Zhuhai
- Traditional Chinese medicine park to be managed in consortium by Macau and Guangdong province