Cultural Industries Fund (FIC) President Leong Heng Teng said on Tuesday the fund would strengthen its support for projects related to fashion design, music, films and performance art, considering that the number of these projects account for a major part of the projects backed by the fund.
Leong made the remarks at a press conference about the fund’s work since 2014.
An FIC statement said 43 per cent of the approved projects have been related to creative design, 27 per cent to digital media and 20 per cent to performance art since the fund was established in 2014.
Leong said other reasons why the fund needed to strengthen its support for music, movie and performance art related projects were that the applicants have ample opportunities to collaborate with the counterparts overseas, which could help promote Macau’s image, apart from the fact that the projects require large investments.
FIC Director Mok Ian Ian said the applicants’ main challenges were not having enough capital, finding it hard to hire staff and expanding their market.
The FIC statement said since the fund’s establishment the applicants have been mainly micro- and small- and medium-sized enterprises (MSMEs).
Moreover, the fund announced that it granted almost 138 million patacas, including close to 100 million patacas in subsidies and nearly 40 million patacas in interest-free loans, for 113 projects between 2014 and last month.
Chu said the fund had granted about 28 million patacas for 14 projects in the first 10 months of this year.