“Macau Platform” earlier interviewed professor Fung Kwan, assistant professor at the Department of Economics, Faculty of Social Sciences, UM, and researcher at the Asia-Pacific Institute of Economics and Management, to discuss Macao’s economic diversification and social responsibility.
Fung said that the Macao SAR Government has been committed to developing Macao’s economic diversification. However, according to data released by the Statistics and Census Service in 2019 before the epidemic, the gaming industry’s gross domestic product (GDP) accounted for 50.5% of the local gross domestic product (GDP), which was lower than the previous year. It increased by 1.5% in 2018. He believes that the Government may be more aggressive in requiring future casino operators to strengthen their corporate social responsibilities in Macao, while taking more measures to promote economic diversification.
In terms of fulfilling social responsibilities, Fung believes that the current budget allocated to these activities by gaming companies only accounts for a small part of their revenue. It is necessary to amend the laws and requirements for franchise rights to clearly require gaming operators to achieve a level of professionalism that diversifies the local economy. At the same time, gaming companies need to be required to introduce internationally renowned companies to the local market in order to diversify Macao’s economy.
