Hong Kong has to ensure the talent it attracts stays
- Top Talent Pass Scheme drew nearly 46,500 successful applicants in the past financial year, and they must be encouraged to put down roots so local people can also benefit
Hong Kong’s scramble to draw top talent worldwide has paid off this past financial year. Nearly 2,000 professionals earning annual salaries of a least HK$10 million (US$1.3 million) successfully applied to move to the city under a government scheme.
There is optimism about the influx widening overall job opportunities, but authorities must focus on ensuring new arrivals stay, and that local people benefit.
The Security Bureau told lawmakers that 46,497 applications were approved under the Top Talent Pass Scheme in the 2023-24 financial year.
One category of recruits had to earn at least HK$2.5 million over the past 12 months. Targeting such high earners is based on expectations that they will bring business and investment to their adopted home.
Hong Kong innovation chief pledges to step up efforts to attract talent, capital
Authorities introduced the Top Talent Pass Scheme in December 2022, promising successful applicants two-year visas, which can be extended only if holders remain employed or business owners here.
Graduates from the world’s top universities must have been working for three of the past five years.
In the last financial year, there were nearly 35,000 applicants approved under categories that require academic qualifications. Nearly 53,000 visas or entry permits were also granted to dependants in all categories.
Families have reportedly been attracted by the city’s high educational standards, ease of travel and lifestyle.
A survey carried out in November showed that more than half of successful applicants who had been here for more than six months were employed.
Hong Kong still attractive to legal talent, Lam says ahead of action plan launch
Surveys by employment experts indicate that many are ready and willing to set up new companies that will generate more employment opportunities.
The influx of fresh talent includes those in retail and manufacturing as well as newer tech sectors, including artificial intelligence and biotechnology. They hail from the mainland and further afield.
It is good that recruitment seeds are being planted, but experts have called for measures to help new arrivals adapt to ensure they put down roots.
It is also important that economic success grows from the diversity of skills and experience that Hong Kong requires to achieve its goals for post-pandemic recovery and beyond.
