According to Jornal de Negócios (JN), Macau’s economy remains heavily dependent on the casino market, and China aims to diversify the island. As such, a special status has been created to allow entrepreneurs to do business and move freely between Hengqin and Macau.

Brooke Ju, a member of the Board of the Hengqin Economic Development Services, was in Portugal to launch the International Scientific and Technological Innovation Competition, aimed at companies and start-ups registered in Portuguese-speaking countries. There are prizes totalling €25 million for participating companies, with the first prize amounting to €1.8 million. There are 100 prizes to be awarded, and the organisers are expecting 500 applications, the same media outlet reveals.

The competition focuses primarily on the areas of digital and artificial intelligence; green energy and sustainability; high-value industrial production; Chinese medicine; cultural tourism and modern agriculture, as reported by JN.

Selected companies or start-ups will be entitled to free short-term accommodation, as well as office space. They will also receive support for travel to the region and air travel.