This, like Hong Kong, has given a boost to economy of Macau, which is noted the world over for its Textiles and toy industries. Because of its beautiful skyline and beaches and wonderful climate, Macau has also developed into a revered tourist hot spot. The Tourism industry here is very strong and gives a huge contribution to the overall GDP, which has been pegged in double digits over the past many years. Macau had many hotels, resorts, casinos and industries, making it the next big thing in the Asia Pacific region.
Macau was the first foreign colony to be established in China, and it was also the last to be handed over. The Portuguese had captured Macau because of its vicinity to a very safe natural harbor, and because it was one of the few regions where trading was allowed in those times.
Tourism, hospitality and gaming industry account for almost 70% of the revenue of Macau. The other bid industry to look out for here is the raw textile and finished garments industry, accounting for the rest of the revenue. Most of the “made in China” counterfeited clothing that you can spot in the developing nations like India, Sri Lanka, Pakistan and other South Asian nations are a product of Macau textile and garments industry only. The craze for such clothing is so pronounced in these nations that routine travelers who frequented these countries started buying such stuff from Macau and sold them off at these countries in dirt cheap prices, still earning a substantial profit. This avocation turned many tourists into businessmen and exporters, and today some of the biggest names in the industry at Macau are some of these people only.
Because the number of people who speak European languages such as Portuguese and English is relatively high at Macau as compared to other parts of China, even Hong Kong and Shanghai, Macau has been able to keep alive its trade relations with over 120 nations in Europe and the West. Macau is one of the founding members of the WTO and has sound relations with other sophisticated economies. Apart from being a member of the IMF, Macau’s recognition by the WTO as a high income generating place speaks volumes about the economic opportunities that await a thirsty trader here.
Gambling had monopoly of a local agency and every casino had to get a license issued from this agency before opening up its tables to the general public. This meant that revenue had to be shared. The monopoly expired in 2002 and since then many casino owners from Las Vegas have tried to enter in to Macau and establish their businesses here. Sands Macau is a testimony to this change, standing as the largest casino in the whole world in terms of total number of tables and built up area. In 2006, the inevitable happened, casino revenues from Macau surpassed revenues from The Strip in Vegas, touching a record $6billion for the first time in the history of Macau. This and many other developments has seen the investors and traders from the West coming to Macau in order to run their own casino businesses because of relatively economical real estate prices, when compared to Las Vegas. Macau is a free port, with no tax on foreign exchange and related services. This has seen the development of Macau into an exchange center, where the East barters with the West, much on the lines of Hong Kong and Singapore.
Public sightseeing at Macau is just like you would find at any other place in the world, well, with a little twist though. The hybrid of Bicycle and the Rickshaw – the Trishaw, is also a part of the public transport system and is a novel way of covering short distances and for the purpose of sight seeing. Buses and taxis are in abundance here and there is absolutely no hassle in local commuting.
Macau has great avenues to offer because of the reason that real estate and input costs are still low here as compared to Hong Kong and Shanghai, and that it offers almost the same level of facilities as these two super economies of China. Besides, large number of English speaking population and a huge influx of travelers who come with the intent of spending and spending hard are an added advantage to the investor who has some money and time to spare.