Economy

Macao a step closer to invest in Zhuhai

(Xinhua)
Updated: 2011-06-21 13:22

MACAO - Government of Macao Special Administrative Region (SAR) has set up a company tasked with coordinating local enterprises' investments in a future industrial park in Hengqin island of neighboring Zhuhai city, the Macao Post Daily reported on Tuesday.

The establishment of Macao Investment and Development Ltd was published in the Official Gazette (BO) in the form of a bylaw, which was signed by Chief Executive Chui Sai On and took effect today.

The newspaper quoted the by-law as saying that the joint-stock company has a startup capital of 400 million patacas ($50 million), 94 percent of which is held directly by the SAR government and the rest part held by government-owned entities.

According to a government spokesperson, the company was tasked with overseeing local businesses' participation in the future industrial park in Hengqin island, which covers five square kilometers.

Officials of the SAR government said earlier this year that the new company was set to sign a joint-venture deal with a likeminded company from Guangdong province.

Hengqin island, which is part of Zhuhai, will also house the new campus of Macao University on a one-square-kilometer leasehold that will come under the direct jurisdiction of Macao.