The Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, said today he expected the economy to maintain its momentum this year, boosted by the probable increase in investment in Macao, increased consumer spending and external factors. Attending a seminar hosted by the Macao Chamber of Commerce, Mr Tam expressed his views on the economy to more than 100 local businessmen. He said Macao's economy had continued to grow last year, albeit at a slower pace over 2004. The transitional economy would face more opportunities and challenges this year, and the present year would be a critical and significant one for Macao. The economic policies of the Government would focus on five areas this year, namely streamlining the industrial structure, supporting the development of small- and medium-sized enterprises (SMEs), increasing vocational training for residents, improving the business environment and bolstering regional co-operation. As Macao entered a new phase of development, Mr Tam said, new difficulties and dilemmas had emerged. With the economy and the mainstay industries growing rapidly, some industries had lagged behind and some SMEs still operated with difficulties. Meanwhile, the shortage of human resources co-existed with structural unemployment and the influx of foreign investment and professionals stimulated competition with local enterprises and talents. Solving these dilemmas would be the focus of Macao's economic policies this year, as well as in the foreseeable future. Though Macao faced some difficulties in its economic sector, the economy was in a stage of development: the business sector should be more innovative and grasp opportunities in order to create a new era for Macao, he said.
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