Hong Kong unveils plans to attract overseas talent

ISTANBUL

Hong Kong will issue two-year visas and grant tax breaks to attract overseas talent, Chief Executive John Lee announced on Wednesday in his maiden policy speech since assuming office this year.

“Hong Kong is one of the most competitive economies in the world. It also serves as an important gateway connecting the mainland with global markets. We must be more proactive and aggressive in competing for enterprises and competing for talents,” Lee told the Legislative Council.

Focusing on improved housing, healthcare, and education, Lee said special visa arrangements and tax concessions on home purchases will be given to those coming to the semi-autonomous region from mainland China and overseas.

Hong Kong was until recently counted as the world's top financial center, losing the top slot to Singapore after radical changes took place in the aftermath of anti-government demonstrations in 2019.

Noting that the local workforce has shrunk by 140,000 in the past two years, Lee said the government will set up Office for Attracting Strategic Enterprises (OASES) and several special government units to “attract the foreign talent.”

The measures to attract top talent and major businesses to Hong Kong will cost around HK$30 billion ($3.8 billion). It comes as Hong Kong imposed tough COVID-19 pandemic measures and a security crackdown which resulted in the exodus of expats and locals from the region, located south of mainland China.

“Eligible talents will include individuals whose annual salary reached HK$2.5 million ($318,480) or above in the past year, and individuals who graduated from the world's top 100 universities with at least three years of work experience over the past five years. These two categories of talents will be issued a two-year pass for exploring opportunities in Hong Kong and are not subject to any quota,” Lee said.

The chief executive also said his administration will set up teams from economic and trade offices on the mainland and around the world to “reach out and persuade companies and talents to come” to Hong Kong.

Hong Kong administration held around 34 consultation meetings besides inviting public opinion to deliver the policy address.

Lee, 64, a former security chief who oversaw a crackdown on protests in Hong Kong in 2019, was elected as the chief executive in May. He was the lone contender to succeed Carrie Lam.

“Hong Kong is now at the critical stage of transitioning from chaos to stability and prosperity," Lee told the council, noting Chinese President Xi Jinping’s speech during his visit to Hong Kong in July "has become the blueprint" of Hong Kong government’s policy."

Lee was sworn in as Hong Kong’s new leader by Xi in July as the former British colony celebrated 25 years of its return to Chinese rule.

“To keep the power to administer Hong Kong firmly in the hands of patriots is essential for safeguarding the long-term governance and security of Hong Kong. At no time should this principle be allowed to be compromised,” Xi had said after Lee’s swearing-in ceremony.