Small businesses seek more support amid economic recovery

A Macau’s economy gradually recovers, local small and medium-sized enterprises (SMEs) in smaller community districts are still experiencing considerable operational challenges, with many shops remaining vacant.

Despite tourist numbers rebounding to 85% of pre-pandemic levels, SMEs in these areas continue to struggle.

Lawmakers and think tank experts are calling on the government to enhance its support measures to help these businesses regain their competitiveness and improve the overall economic landscape of the community.

In recent months, the government has launched several initiatives to support SMEs, including measures to reduce operating costs, promote digital transformation, and stimulate community consumption. However, lawmakers and think tank experts believe more can be done.

As cited in a Macao Daily News report, lawmaker and deputy executive director of local think tank Collective Wisdom Policy Centre, Ngan Iek Hang, and think tank president, Choi Chi Seng, suggested the government establish a tracking mechanism to investigate the operating conditions of SMEs in each district and introduce more targeted policies based on their actual needs.

This could include supporting SMEs to enter emerging industries, such as cultural creativity, the digital economy, and tourism experiences.

To further stimulate market vitality, Ngan proposed extending the validity period of coupons in the city-wide Consumption Reward Scheme, as well as exploring more diversified financial support methods to ease the financial pressure on SMEs.

Choi emphasized the importance of improving infrastructure, such as pedestrian facilities and regional transportation connections, to attract more tourists to the community and bring more opportunities to local merchants. He also suggested combining historical, cultural, and artistic activities to revitalize old areas and create more favorable operating conditions for SMEs.

Both experts believe short-term support policies are crucial, but stressed that a greater focus is needed on supporting SMEs to undergo industrial upgrading and transformation.

They called on the government to adopt innovative and creative approaches to increase participation opportunities for local businesses and promote sustainable economic development in the community. Victoria Chan