Hong Kong’s chief has introduced a brand new visa programme in a bid to draw international expertise to town because it struggles with plugging a mind drain and a shrinking workforce.
John Lee, Hong Kong’s chief government, unveiled the brand new “Prime Expertise Go Scheme” on Wednesday that can enable these incomes an annual wage of two.5 million Hong Kong {dollars} ($318,472) or above and graduates from the world’s high universities to work or pursue alternatives within the metropolis for 2 years, the Related Press reported.
Mr Lee mentioned that, during the last two years, the workforce within the metropolis has decreased by about 140,000 folks.
“We should be extra proactive and aggressive in competing for enterprises and competing for expertise. Other than actively nurturing and retaining native expertise, the federal government will proactively trawl the world for expertise,” he added.
Due to the controversial nationwide safety legislation launched after large pro-democracy protests spurred in 2019, strict Covid restrictions in the course of the pandemic and an ongoing disturbing political local weather in Hong Kong, 1000’s have fled the metropolis for higher pastures.
Now, town is attempting to draw expertise again in a bid to cease the mind drain.
Mr Lee additionally introduced a raft of proposals, together with tax rebates and relaxed measures for hiring foreigners.
He emphasised the necessity for Hong Kong to relaunch itself and quoted Chinese language president Xi Jinping, who mentioned Beijing would assist Hong Kong “resolve deep-seated points and issues in financial and social growth” and consolidate its “worldwide place” in finance, commerce and different areas.
“We at the moment are embarking on a brand new chapter for additional prosperity and this can be a new part for Hong Kong,” he mentioned. “Hong Kong has emerged from the chaos to order, and now we’re transferring from order to prosperity.”
In accordance with the brand new visa programme, overseas dwelling patrons can obtain a partial refund of stamp responsibility – a tax levied on property transactions – on their first residential property buy after they change into everlasting residents, information media reported.
The brand new visa programme additionally comes after authorities information revealed town’s inhabitants in mid 2022 dropped by 1.6 per cent, or 113,200 from a 12 months earlier.
In the meantime, final month, Singapore overtook Hong Kong in a rating of world monetary centres.
In August, the nation introduced a brand new visa that permits expert, high-earning overseas expertise to work for a number of companies on the identical time, as an alternative of only one employer.
Extra reporting by businesses
