On 6 December 2018, a delegation from the Chia Tai Group, a renowned Asian corporation that plans to settle in the Traditional Chinese Medicine Science and Technology Industrial Park of Cooperation between Guangdong and Macao (“Industrial Park”), held a talk with Mr Leong Vai Tac, Secretary for Economy and Finance of the Macao SAR government. Both sides exchanged in-depth views on promoting Macao’s moderate economic diversification.
Secretary Leong Vai Tac (center) holds a talk with a delegation from Chia Tai Group
During the talk, Mr Tse Ping, Senior Vice-Chairman of the Chia Tai Group and Chairman of the CP Pharmaceutical Group, introduced the development of the Chia Tai Group in recent years, saying that the Group has reached a preliminary agreement with the Industrial Park on mutual cooperation and is working actively in preparation for its settlement in the Industrial Park. Meanwhile, he expressed the company’s expectation to participate in Macao’s moderate economic diversification by contributing its high-tech resources such as biomedicines, new materials, financial technologies, and Big Data applications. So far, the Chia Tai Group has established two subsidiaries in Macao to launch its businesses.
Mr Leong Vai Tac welcomed the Chia Tai Group’s participation in Macao’s moderate economic diversification and encouraged the Group to think carefully about how to settle in Macao and maintain its sustainable development in the city. He said the Macao SAR government is stepping up efforts to promote Macao’s moderate economic diversification, indicating that the Industrial Park is an integral part of such efforts and that the Macao SAR government has many more projects for regional cooperation. He expected a greater number of projects on technological innovation and new materials to be developed and more companies to be established in Macao in particular.
Meanwhile, Macao enjoys a wide range of advantages. It is positioned as a Commercial and Trade Cooperation Service Platform between China and Portuguese-speaking Countries. It practices the preferential policy Mainland and Macao Closer Economic Partnership Arrangement (CEPA). It is an independent customs territory with an independent taxation system and adopts the low-tax scheme. It is also a participant in the Guangdong-Hong Kong-Macao Greater Bay Area strategy and the Belt and Road Initiative. Companies wishing to settle in Macao could make full use of its advantages.
Secretary Leong Vai Tac (5th R) and a delegation from Chia Tia Group in a group photo
This talk was also attended by Ms Teng Nga Kan, Chief of the Office of the Secretary for Economy and Finance; Ms Lu Hong, Office Advisor and Chairwoman and Chief Executive of the Guangdong-Macao Traditional Chinese Medicine Technology Industrial Park Development Co., Ltd.; and other Office Advisors, as well as Dai Li, General Manager of the Zhuhai subsidiary of the CP Pharmaceutical Group; He Xinqiao, Chief Scientist of the Chia Tai New Materials Research Institute Limited; Su Songmin, Manager of the Macao subsidiary of the CP Pharmaceutical Group; and Liang Xulong, Chairman of the Huamao Fund.
