U.S. and Macau (2003)

COMMERCE NEWS
United States Department of Commerce

International International Administration
Washington, D.C. 20230
www.ita.doc.gov/media

FOR IMMEDIATE RELEASE
September 6, 2003

Contact: Curt Cultice
(202) 482-3809

U.S. Commerce Department Signs Agreement with Macau to Promote Expanded Trade

New "One-Stop Shop" at Heart of Effort to Promote New Opportunities in Tourism, Gaming, and Construction

U.S. Deputy Asst. Secretary of Commerce Karen Zens and Macau Trade and Investment Promotion Institute (IPIM) President Lee Peng Hong sign the statement of intent.

The U.S. Commerce Department's Commercial Service in Hong Kong today signed a memorandum of understanding with the Macau Trade and Investment Promotion Institute (IPIM) aimed at expanding mutual trade in the services and construction sectors. The agreement will enable U.S. and Macau companies, especially small and medium-sized enterprises, to generate new partnership and export opportunities through improved capabilities and services.

"We expect this agreement to add to the already billions of dollars of U.S. investment in gaming operation, hotel & resort, retail trade, and construction industry in Macau, creating jobs for Macanese and through exports, jobs for Americans," says U.S. Commercial Service Deputy Assistant Secretary Karen Zens. "We are pleased to have this new opportunity, and look forward to working with these businesses through our new partnership,"she added. Zens signed the memorandum in Macau with IPIM President Lee Peng Hong.

The agreement calls for the creation of a "one-stop shop" business matching service that will merge the business referral services of the U.S. Commercial Service and IMPIM. Greatly streamlining partnership opportunities for American firms looking to do business in Macau and vice-versa, the combined databases contain hundreds of companies in both Macau and the United States. In addition to saving time and money, companies will also have easier and greater access to information on licensing, partnership, and investment inquiries.

The agreement also provides for enhanced counseling services to businesses through more timely trade and economic information; a coordinated trade exhibition and promotional agenda; and the recruitment and organization of economic and business delegations to Macau.

Macau is planning $6 billion in development in the near future in gaming and tourism, and construction industries, creating tremendous opportunities for U.S. firms. Last year, two of the three gaming licenses in Macau were given to U.S. consortia.

The United States is Macau's second largest trading partner after China. Last year, U.S.-Macau bilateral trade grew to almost U.S. $1.9 billion. Several state delegations will travel to Macau SR this autumn, including a large travel and tourism trade mission from Nevada led by state officials.

Businesses seeking more information may contact the Commercial Service at (852)2521-1476. Members of the media may contact the Public Affairs Section at (852)2841-2265.

###

Deputy Asst. Secretary Zens and IPIM President Lee with the witnesses to the signing ceremony, September 6, 2003.