Hong Kong's Chief Secretary for Administration Chan Kwok-ki (right) and Financial Secretary Paul Chan Mo-po hold a news conference on the implementation details of the Hong Kong Special Administrative Region government's measures on “competing for talents and enterprises”at the Central Government Offices in the city, Dec 23, 2022. (CALVIN NG / CHINA DAILY)
HONG KONG – A one-stop manpower information portal will be launched next Wednesday by the Talents Service Unit of the Hong Kong Special Administrative Region government, in an attempt to convince eligible talent and professionals across the globe to carve out careers in the city, said Chan Kwok-ki, the chief secretary for administration, during a news conference on Friday.
The portal is designed to make applications to work in Hong Kong much easier, with streamlined vetting procedures and comprehensive information about the city, Chan noted at the conference, where new initiatives relating to talent and enterprise attraction were explained.
Vetting procedures will be simplified, with waiting times shortened, in response to many applicants’ gripes about a lengthy and cumbersome process.
Vetting will be completed within four weeks of the submission of documents, Chan said. The portal will contain information about life in Hong Kong, enabling potential applicants to take stock of all relevant factors before making an informed decision whether to work in the city, as well as helping them avoid any misunderstandings, added Chan.
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The need for a committed effort to attract and retain talent has been placed front and center by the HKSAR government since the city, which prides itself on a diverse culture and population, was taken aback by a harrowing talent exodus. From mid-2021 to mid-2022, 113,200 people emigrated, slashing Hong Kong’s population by 1.6 percent – equivalent to an average daily loss of 310 people.
Since OSASES was formed, we have been inundated with inquiries from companies all over the world, which are intent on launching offices or settling in Hong Kong. Many of them are large-scale enterprises.
Paul Chan, Financial Secretary, HKSAR
Numerous schemes aimed at attracting talent domestically and abroad were initiated by Chief Executive John Lee Ka-chiu in his first Policy Address, to reverse the thorny exodus of talent.
Among them is the Top Talent Pass Scheme, designed for individuals with an annual salary of at least HK$2.5 million ($320,440) in the past year, and individuals who graduated from the world’s top 100 universities with at least three years of work experience in the past five years. They will be issued two-year passes to explore opportunities in Hong Kong, without any quota limit.
Attracting enterprises, both established and fledging but promising, is also high on the government’s agenda in tandem with appealing to young and seasoned individuals.
The Office for Attracting Strategic Enterprises (OASES) was launched and tasked with enticing enterprises all over the world, particularly those from industries of strategic importance, such as life and health technology, artificial intelligence and data science, financial technology and advanced manufacturing and new energy technology.
“Since OSASES was formed, we have been inundated with inquiries from companies all over the world, which are intent on launching offices or settling in Hong Kong. Many of them are large-scale enterprises,” said Paul Chan Mo-po, financial secretary of the HKSAR government. “There were companies revealing that they had opted for other cities to settle but changed their mind upon learning of the cluster of new favorable policies (introduced in the Policy Address),” said Chan.
Jockeying for “talent” and “enterprises” is a complementary strategy, in that a city, which boasts an abundance of enterprises, creates a natural appeal for talented people with a wealth of employment opportunities, and it’s also true the other way around — an immense talent pool holds appeal to overseas investors, said Chan Kwok-ki.
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Spreading invitation letters simultaneously to talent and enterprises with an array of inviting policies proffered by the SAR government will benefit Hong Kong’s labor market and its overall economy, he noted.
Enterprises specializing in five domains, including life and health technology, artificial intelligence and data science, financial technology, advanced manufacturing and new energy technology, could have a leg up on candidates. The government aims to entice a minimum of 1,130 such enterprises by 2025, and at least 100 innovation and technology businesses” by 2027, of which 20 will be high achievers in the I&T sector.
The one-stop manpower information portal is designed to make applications to work in Hong Kong much easier, officials say at the press conference. (CALVIN NG / CHINA DAILY)
To stand out from the competition, enterprises are expected to tick boxes, such as demonstrating the prospect of high value returns, showcasing the potential to become a leading or a unicorn entity in Asia or internationally, exhibiting the capacity to increase Hong Kong’s gross domestic product, and be willing to integrate into the national development plan, said Sun Dong, secretary for innovation, technology and industry.
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The existing General Employment Policy and the Admission Scheme for Mainland Talents and Professionals will be streamlined. For example, for vacancies falling under the 13 professions with a shortage of local supply as listed in the Talent List or for vacancies with an annual salary of at least HK$2 million, employers are not required to provide proof to substantiate their difficulties in local recruitment in making applications for talent admission.
"The relaxation in immigration policies led us to extend the immigration period to three years and also allow foreigners to bring in their spouses and offspring … gives Hong Kong additional selling points,” said Chan Kwok-ki, adding that Hong Kong’s greatest appeal remains its economy.
All the measures designed to entice fresh recruits and veteran professionals alike will lay the groundwork to reawaken Hong Kong’s vivacious and dynamic labor market, said Paul Chan.