Tai Kin Ip, an experienced Public servant and Head of Macau’s Economic and Technological Development Bureau, has been appointed as Secretary for Economy and Finance in the region’s new administration.
In his new role, Tai Kin Ip will play a pivotal role in reducing Macau’s reliance on gaming industry revenues, which currently account for the majority of the region’s tax income.
His appointment, announced by Chief Executive-elect Sam Hou Fai, reflects Macau’s leadership’s commitment to diversifying the economy of the world’s largest casino hub.
Sam Hou Fai, who won the October elections and will assume office on December 20, has pledged to form a government focused on mitigating economic risks and decreasing the region’s dependency on the gaming sector.
A familiar challenge
Macau, the only region in China where gambling is legal, has long relied on licensed casino operators such as Sands China, Wynn Macau, and MGM China to drive its economy.
However, the COVID-19 pandemic exposed the risks of overdependence on a single industry.
Despite the importance of gaming revenues, the government aims to increase the share of the non-gaming sector in GDP to 60%, compared to 50% in 2019, focusing on industries such as “big healthcare,” modern financial services, high and new technologies, as well as conventions and exhibitions, sports, and commercial trade.
Tai Kin Ip has extensive experience in economic development, including leading the public tender process for Macau’s casino licenses in 2022.
However, his new role comes with significant challenges, especially given that previous efforts to diversify Macau’s economy have seen slow progress.
Sam Hou Fai, who previously served as Macau’s top judge, has pledged to address these challenges in alignment with Beijing’s priorities.
He proposed a new legislative philosophy for Macau, based on the principles of “Collective Efforts, Integrity, and Innovation.”
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