Kevin Ho King-lun, a Macao deputy to the National People’s Congress, poses for a photo during an interview with China Daily on the sidelines of the two sessions in Beijing, China, March 7, 2024 . (XI TIANQI / CHINA DAILY)

Macao is setting its sights on the Hengqin cooperation zone in Zhuhai to drive its economic diversification, says Kevin Ho King-lun, president of the Industry and Commerce Association of Macao and a deputy to the National People’s Congress, the nation’s top legislature.

In his motions submitted during the two sessions, Ho recognized the great opportunities provided by the Guangdong-Macao In-depth Cooperation Zone, as Macao moves beyond its reliance on the gaming and tourism industries. The zone is on Hengqin, the largest island of Zhuhai, Guangdong province.

Macao and Hengqin have rolled out measures to streamline logistical flow, enhance people-to-people exchanges, facilitate fund transfers, and improve information sharing between the two regions

In a five-year development plan unveiled last year, Macao proposed a “1+4” strategy, focusing on revitalizing its tourism and leisure businesses while facilitating the development of four nascent industries — healthcare; modern financial services; high technology; and the convention, exhibitions, and sports industries.

READ MORE: China's Hengqin lifts tariffs for most imports from Macao

Ho said he believes that the development strategy aligns with Macao’s long-term stability and prosperity, and that the Hengqin cooperation zone can play a crucial role in its implementation.

One advantage of the cooperation between Macao and Hengqin is that it enables Macao to expedite the production of its research and development outcomes by leveraging Hengqin’s manufacturing strengths.

This collaboration also promotes market integration within the Guangdong-Hong Kong-Macao Greater Bay Area, he said.

Macao and Hengqin have rolled out measures to streamline logistical flow, enhance people-to-people exchanges, facilitate fund transfers, and improve information sharing between the two regions. Under a new “closed-loop” arrangement that took effect on March 1, certain goods from Macao entering the cooperation zone will be tax-exempt, while other goods will be subject to bonded arrangements.

Ho encouraged Macao enterprises to seize the business opportunities in Hengqin, particularly in sectors like traditional Chinese medicine, and photovoltaic and hydrogen energy, both of which can help drive Macao’s economic diversification by creating an agglomeration effect within the zone.

READ MORE: CE: Hengqin plan significant to Macao's development

He also looks forward to hosting more mega events in the region that capitalize on the features of all 11 GBA cities. The upcoming National Games 2025, co-hosted by Guangdong, Hong Kong and Macao, represent a promising opportunity to showcase the collaborative potential of the region.

Contact the writers at lindaxi@chinadailyhk.com