The Chief Executive, Mr Ho Iat Seng, while visiting Luxembourg, meets with country's Prime Minister and Minister of State, and respectively Minister for Communications and Media, Minister for Religious Affairs, Minister for Digitalisation, and Minister for Administrative Reform, Mr Xavier Bettel.
While in Luxembourg, the Chief Executive, Mr Ho Iat Seng, met with the country’s Prime Minister, and Minister of State, and respectively Minister for Communications and Media, Minister for Religious Affairs, Minister for Digitalisation, and Minister for Administrative Reform, Mr Xavier Bettel. The aim was to strengthen bilateral ties in matters relating to the economy, trade, modern financial services, and other fields.
In the meeting, held in the morning local time on Monday (24 April), Mr Ho said it was hoped Macao could learn from Luxembourg’s successful experience of developing a financial industry, with a view to accelerating Macao's appropriate economic diversification.
Mr Ho had arrived in Luxembourg on Saturday (22 April) as head of a Macao Special Administrative Region (MSAR) Government delegation, following a four-day visit to Portugal.
During Monday’s meeting, the Chief Executive thanked the Prime Minister for arranging the meeting. Noting China and Luxembourg have maintained diplomatic relations for more than 50 years, Mr Ho added the two countries have constantly enjoyed mutual respect and trust, achieving fruitful results in various fields such as politics, economic matters, and people-to-people exchanges; so deepening the friendship between the people in the two countries.
Mr Ho briefed Mr Bettel on the latest developments in Macao, and in the Guangdong-Macao Intensive Cooperation Zone in Hengqin. In line with China’s national development strategy, Macao had dedicated utmost effort to develop its strategic role as “One Centre, One Platform, and One Base”. This was in conjunction with the city’s support for the “Belt and Road” initiative, the Guangdong-Hong Kong-Macao Greater Bay Area, and the Cooperation Zone.
In addition, the MSAR Government had adopted a “1+4” approach to support appropriate economic diversification. Such a strategy aimed to enrich Macao’s function as “One Centre” for integrated tourism and leisure, while facilitating the development of four nascent industries, namely “Big Health”; modern financial services; high and new technology; and convention and exhibition, sports, and the commercial and trade industries.
Luxembourg businesses were welcome to invest in Macao and the Cooperation Zone, stated Mr Ho. It would make it easier for their products to get access to the mainland China market.
Modern financial services were a key pillar for the MSAR Government as it worked to optimise the city’s economic structure, said Mr Ho. The Luxembourg Stock Exchange’s (LuxSE’s) operational model, and its success, would be reference points for Macao.
The Chongwa (Macao) Financial Asset Exchange Co., Ltd, a Macao-based company, had in 2020 signed a memorandum of understanding with the Luxembourg Stock Exchange, noted Mr Ho. It marked the start of closer cooperation between Macao and Luxembourg. The two sides could also strengthen exchange and cooperation in relation to issuance of renminbi bonds, added Mr Ho.
In welcoming the delegation led by the Chief Executive, Prime Minister Bettel said Luxembourg has long regarded China as a partner for cooperation, and had constantly enjoyed a very friendly relationship with China.
Mr Bettel noted Luxembourg and Macao had many similarities, including their population size, and small geographic area, albeit high gross domestic product.
Luxembourg hoped to continue to support, as a cooperation partner of Macao, the diversified economic development of the MSAR, said Mr Bettel. The two places should conduct, in the short term, exchanges on further deepening of financial cooperation, and discuss further how to step up ties in various aspects, such as business and trade.
The Prime Minister highlighted the importance of sustainability of development, saying Luxembourg had seen good progress currently in its financial industry. There should be, nonetheless, further effort to promote development in other industries. In this regard, Luxembourg would be pleased to share its knowledge with Macao.
Officials attending the meeting included: the Ambassador of China to Luxembourg, Mr Hua Ning; Macao’s Secretary for Economy and Finance, Mr Lei Wai Nong; Macao’s Secretary for Transport and Public Works, Mr Raimundo do Rosário; the Chief-of-Office of the Chief Executive’s Office of the MSAR, Ms Hoi Lai Fong; the Ambassador of Luxembourg to China Mr Marc Hübsch; Diplomatic Advisor to the Prime Minister of Luxembourg, Mr Claude Faber; and Economic Advisor to the Prime Minister of Luxembourg, Mr Frank Genot.
Following the meeting with the Prime Minister, the Chief Executive paid a visit, in the afternoon local time on Monday, to the Luxembourg Stock Exchange. Learning from its experience would help accelerate Macao’s effort in developing a secondary market for bonds, and therefore complement overall the MSAR’s appropriate economic diversification.
While at LuxSE, the Chief Executive listened to a briefing on LuxSE’s operation and green bonds. Mr Ho also witnessed the signing of a cooperation agreement between LuxSE and Chongwa (Macao) Financial Asset Exchange Co., Ltd, operator of Macao’s financial exchange, known as MOX. It was signed by LuxSE’s chief executive officer, Ms Julie Becker, and the President of the Executive Council of MOX, Mr Zhang Weichun.
Ambassador Hua, Ambassador Hübsch, and the Chairman of the Board of LuxSE, Mr Alain Kinsch, also took part in the visit and attended the signing ceremony.
