The leader of Hong Kong has announced a new visa programme to attract talent from around the world as the city works to stop a brain drain that has threatened its position as a major global financial hub.
Chief Executive John Lee said the new Top Talent Pass Scheme will allow those earning an annual salary of HK$ 2. 5 million (NZ$560,000) or above and graduates from the world’s top universities to work or pursue opportunities in the city for two years.
His bid to attract talent to Hong Kong comes as hundreds of thousands of residents have left the city in recent years, driven by an ongoing political crackdown and diminished freedoms following the implementation of a tough national security law, as well as strict Covid-19 entry restrictions that were in place for much of the pandemic.
According to Lee, the city’s workforce has decreased by around 140,000 during the past two years.
During his first policy speech today, Lee stated that “We must be more proactive and aggressive in competing for enterprises and competing for talent.”
The government will actively search the world for talent in addition to actively developing and keeping local talent.
As a result of the city’s coronavirus limitations, which severely hurt the local economy and drove professionals out, he also unveiled a number of plans to improve the city’s competitiveness, including tax breaks and loosened rules for hiring foreigners.
Additionally, procedures for businesses hiring foreigners in specific professions will be expedited. A new task force will be established to develop recruitment tactics and offer assistance to immigrants.
Lee, a former security chief handpicked by Beijing to lead Hong Kong, is under pressure to reposition the city as a top business and financial hub, after an exodus of residents sparked fears that talent would continue leaving for rival cities like Singapore and Dubai.
According to August government estimates, the city’s population fell by 113,200 people, or 1.6%, from a year earlier in mid-2022.
Last month, Singapore passed Hong Kong in a ranking of the world’s financial centres, and in August, it unveiled a new visa that enables highly-skilled overseas individuals to work for numerous companies simultaneously rather than just one.
In response to the brain drain, Hong Kong is introducing new visas.
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