The governments of Macao Special Administrative Region (SAR) and neighboring Guangdong province will launch a Chinese medicine industrial park on the Hengqin Island.
A joint venture will be established to run the Chinese medicine industrial park, of which the Macao SAR government has a 51-percent share while the Guangdong provincial government owns 49 percent, said Tam Chon Weng, the spokesperson of the Macao SAR government, Friday.
Hengqin island is a part of Guangdong's Zhuhai city bordering Macao.
The construction of the industrial park will start after approval by the central government, and the project is expected to be completed in three years, according to Tam.
The planning of the industrial park will be submitted to the Macao government in the first half of next year, Tam said.
The Guangdong provincial government has agreed to allocate half a square kilometer of land on the island for the industrial park and the funds will be provided by Macao.
