HEADQUARTERS OF CHINA-PORTUGUESE-SPEAKING COUNTRIES CO-OPERATION AND DEVELOPMENT FUND MOVES TO MACAO
The headquarters of the China-Portuguese-speaking Countries Cooperation and Development Fund will move from Beijing to Macao, it was announced earlier, as part of the new measures announced by the Central Government to support the development of Macao. The move will help transform Macao into a “financial centre” between China and Portuguese-speaking Countries, said Macao’s Secretary for Economy and Finance Leong Vai Tac. The relocation of the Fund’s headquarters to Macao is expected to enhance awareness about its operation and strengthen the city’s role as a Commercial and Trade Co-operation Service Platform between China and the Portuguese－speaking Countries.
Secretary Leong said setting up the Fund headquarters in Macao could provide companies more information about its operation and the procedure for lodging an application. Serving entrepreneurs – especially small and medium-sized enterprises (SMEs) – in a more convenient manner would contribute to enhancing the Fund’s efficiency, he said.
The move helps Macao fully play its role as a platform between China and Portuguese-speaking Countries and “it’s very beneficial for SMEs,” added Secretary Leong.
Establishing the headquarters in Macao could strengthen the communication and interaction between the institution and companies from Macao and Portuguese-speaking Countries. The relocation could encourage more Macao companies to use the Fund in a bid to explore the Portuguese-speaking Countries market, adding to Macao’s role as a bridge between the two groups, and promote the city’s economic diversification, said the Fund’s President Chi Jianxin. Mr Chi was speaking on the sidelines of the 5th Ministerial Conference of the Forum for Economic and Trade Co-operation between China and Portuguese－speaking Countries (Macao), held in October 2016 in Macao.
Ahead of the relocation of the Fund’s headquarters, the Macao Trade and Investment Promotion Institute will assist businesses by receiving applications and referring them to the Fund.
The Fund was formally established in June 2013 after being proposed during the 3rd Ministerial Conference of Forum Macao. The Fund will have US$1 billion to finance new projects. The China Development Bank and Macao Industrial and Commercial Development Fund have contributed an initial US$125 million to the Fund, with the bank providing 60 percent.
Currently, two projects have received financing from the Fund, including an agricultural project in Mozambique and an electricity project in Angola.