China's development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the Macao Special Administrative Region (SAR) government's efforts to create a conducive business environment have made the region an ideal investment destination for foreign businesspeople, according to South Korean entrepreneur Kim Yong-jin.
Speaking to China Global Television Network (CGTN), Kim, who is currently conducting two businesses in Macao, said the SAR has an excellent business environment for overseas companies, partly due to its location in the GBA.
The GBA, known as one of the most open and economically vibrant regions in China, consists of nine cities in Guangdong Province including Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing, and the two special administrative regions of Hong Kong and Macao.
Zhuhai city's Hengqin Island, located just across the river from Macao, is home to the Guangdong-Macao In-depth Cooperation Zone, which was established in 2021 by the Chinese central government to foster closer integration between the two regions.
Kim said China's efforts to promote the integration of Macao into national development mean good news for international entrepreneurs like him.
"Macao, along with Hong Kong and Guangdong Province in China, has been designated as one of China's key national strategies--the Greater Bay Area, and will become the center of China's economic development in the future. By being designated as [part of] the Greater Bay Area, Macao is able to lay the foundation for development of new industries and cultures in the Hengqin area in Guangdong, China. Macao residents or foreigners can establish corporations in Macao or Hengqin and focus on developing promising industries. In other words, more diverse industries can be grown, and this will be an important turning point for Macao's economic development and potential in the future," said the businessman.
Another boon for foreign nationals doing business in Macao is the SAR government's effective implementation of certain policies to foster entrepreneurship, according to Kim.
"Macao government, institutions and organizations have various support measures for foreigners and local entrepreneurs. Commerce and Investment Promotion Institute provides consulting services and market information and administrative support services that companies need to help foreigners establish corporations more easily. Macao Young Entrepreneur Incubation Center provides free offices and conference rooms to help early-stage startups grow, and also arranges various investment, attraction, industry tours and educational opportunities," he said.
City cluster development, supportive policies foster entrepreneurship in Macao: S Korean businessman
