The Monetary Authority of Macao (AMCM) organized a delegation comprised of representatives from local banks and insurance companies which paid a friendly visit to Mozambique, Angola and Portugal from 1 July to 15 July. The visit accomplished fully the intended purposes, enhanced mutual understanding, friendship and co-operation. To further promote the function of the MSAR as a service platform for the liaison between China and Portuguese speaking countries, and to enhance communication and co-operation in the financial domain, AMCM invited decision makers from some local banks and insurance companies to form the 19 member Macao financial visiting delegation. The Chairman of its Board of Directors, Mr. Anselmo Teng was the team leader, while its Executive Director, Mr. António Pontes was the deputy, Mr. Zhou Zhihui, Director of Economic Affairs Department of the Liaison Office of the Central People’s Government was the advisor. The delegation paid a visit to Maputo and Luanda, capital of Mozambique and Angola and then to Lisbon in Portugal from 1 July to 15 July. This was the first time that an independent delegation from the financial sector of Macao paid a business visit to these two African countries. During the stay in Africa, the delegation met with the central banks and insurance regulators of Mozambique and Angola and exchanged with local financial authorities knowledge of the latest economic and financial market development and perspectives. An initial agreement was concluded with the two central banks to strengthen co-operation in the domains of exchange of information, business development, technology support and staff training. In Mozambique, the delegation visited a number of banks funded by Portuguese capital and shared with the practitioners the experience in developing local market and explored channel and mode of future co-operation. In Angola, the delegation benefited from the introduction from many Portuguese financial institutions operating locally regarding their business development. An in-depth and serious discussion on banking business development experience, challenge and related opportunity was conducted. In Angola, AMCM executed an agreement of co-operation with the Institute of Insurance Supervision of Angola which was officiated by the Minister of Finance, Mr. José Pedro de Morais, who expressed his satisfaction with the co-operation between the regulatory authorities of the two territories and hoped that the two institutions will further promote related communication within the framework of the co-operation agreement. After the 10-day visit to Africa, the delegation arrived at Lisbon, Portugal. The delegation visited the Bank of Portugal and Institute of Insurance Supervision of Portugal. Both sides exchanged views on the development and perspectives of international financial market and financial supervision. The discussion took one step further as to how to strengthen communication and co-operation between Macao and Portugal and among Portuguese speaking countries. At the same time, the delegation conducted business communications with major local financial enterprises, particularly on retail banking, professional financial services, business development. All parties benefited from these discussions. During the stay, the delegation paid a visit to Chinese Embassy in Mozambique, Angola and Portugal and Macao-China Economic and Trade Representative Office in Portugal. The delegation received warm welcome from the diplomats who gave the delegation a detailed introduction to local political, cultural, economic and financial scenario. The delegation concluded, after the 14-day visit, that the visit made by practitioners from our financial sector to Africa and Portugal personally to observe the actual market situation in these territories and listen to the highly informative briefings of the governments and practitioners relating to the contemporary status of their financial markets and perspectives would enable our delegates to secure an in-depth and overall picture of the situation. At the same time, through the culturing of personal relationships with local practitioners and channel of communication, we believe that the visit has positively motivated local financial institutions to advance one step further to analyse and explore co-operation and development in partnership with African Portuguese speaking countries. Further, AMCM considers that, through the endeavour of the MSAR financial regulator and practitioners, the role of MSAR as a service platform for economic, trading and financial co-operation between China and Portuguese speaking countries will further be fortified which will enable Macao to play its part as a service medium more effectively. From what we have learned from the financial institutions of Mozambique and Angola, more and more enterprises funded by capitals form China and Macao are inaugurating their business in these countries. The scale, in terms of both number and size, is on the rise which has brought tremendous business opportunity for our financial institutions. AMCM hopes that our financial institutions can review the experience arising from the visit in order to maintain and strengthen links with relevant organizations with a view to building up, in a timely and practicable manner, business connections at appropriate levels, and make full use of the competitive edge of the financial industry of MSAR. In this way, the institutions can expand their business scope and simultaneously offer a full display of their function to construct Macao as a service platform. Finally, AMCM would like to express its gratitude to local and host financial institutions and the Liaison Office of the Central People’s Government for their auspices in arranging this African Portuguese speaking countries visit. A vote of thanks should be given to all delegates who have exhibited a high degree of accommodation and initiative in participating in various activities. It can be envisaged that this highly innovative expedition has laid down a solid foundation for building a more close-knit and sustainable link with Portuguese speaking countries.
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