COUNTRY INSIGHTS
THE SHIFT
56.7% of Macao's gross value added came from non-gaming industries in 2024, up 7.8 percentage points from 2019.
The target: around 60 per cent of GDP by 2030.
THE PLAN
A new five-year plan, with a demanding deadline
The former gaming capital is setting ambitious targets for technology, finance, healthcare and international tourism.
TOURISM
Tourism: a strength, but not yet a substitute
Macao recorded approximately 40.07 million visitor arrivals in 2025. But non-gaming spending per visitor fell by 7.3 per cent to about €221, and the average stay was around 1.1 days.
“Beyond the table, the real question is whether Macao can build an economy in which gaming remains an important strength, but no longer defines the limits of its future.”
NEW INDUSTRIES
Beyond tourism: early evidence that new industries can take root
The most consequential test lies in sectors that generate value independently of visitor numbers.
Traditional Chinese medicine: building a bridge from research to production
GMTCM Park, established in 2011, had 236 enterprises by the end of February 2026.
Medical technology: a company reaches the public markets
Guangdong True Health Medical Technology listed on the Hong Kong Stock Exchange on 30 June 2026.
Modern finance: early institutional traction
The Investment Fund Law has attracted nine fund-management entities, up from three previously.
Technology-enabled cultural tourism
Diversification can also raise the value of existing industries.
The green test: can growth become more resource-efficient?
Green finance is one of the specialised financial services Macao intends to develop.
Hengqin: the regional proposition
Hengqin offers additional space for education, technology, healthcare and other industries.
The European question: opportunity requires evidence
Macao is most interesting to German-speaking businesses where its international connections meet existing European strengths.
The Publication
A considered publication offering focused perspectives on business environments, investment landscapes and growth sectors across international markets.
Markets and Business Context
Business and sector perspectives
Infrastructure, technology and opportunity