Blog
Engaging Global Talent and Promoting International Co-operation
Happy Mother's Day! Whether it is gathering for a meal or going out shopping, the time spent with family and loved ones will become cherished memories for us. Many shopping malls, retail stores and restaurants also took the opportunity to launch promotions and discounts for Mother's Day. Last night, the Hong Kong Tourism Board staged a drone show at the Wan Chai waterfront, featuring Buddha's Birthday and the Cheung Chau Bun Festival, two of our major traditional festivals. The show did add a unique touch and enhance the festive atmosphere for the weekend.
The National Immigration Administration announced yesterday that, with the approval of the State Council, the Individual Visit Scheme (IVS) will be further expanded to include eight cities: Taiyuan, Hohhot, Harbin, Lhasa, Lanzhou, Xining, Yinchuan and Urumqi. This expansion follows the earlier inclusion of Xi'an and Qingdao into IVS. With this expansion, the number of designated Mainland cities eligible for IVS will increase to 59, covering all provincial capitals in the country. The Hong Kong Special Administrative Region (HKSAR) Government and members of the public are truly grateful for the Central Government's support and care towards Hong Kong. This measure will attract more overnight visitors to the city, benefiting various local sectors such as catering, retail and hotels, as well as boosting the overall economy. It will also foster cultural exchanges and promote people-to-people bonds between the Mainland and Hong Kong.
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| A drone show was staged at the Wan Chai waterfront last night, adding a unique touch and enhancing the festive atmosphere for the weekend. |
We hope to create more opportunities to stimulate local consumption for the retail sector and increase visitors' spending in town. In the commercial and financial sectors, we are actively exploring new products and sources of fund. By attracting talent to pursue development and settle in Hong Kong, we are striving to further diversify and internationalise our talent pool.
The two-day "Global Talent Summit Hong Kong" (the Summit) was successfully held last week. This event marked the first talent-themed international forum and exhibition organised by the current-term Government. In addition to gathering international political, business and academic leaders to exchange insights and experiences in talent development, the Summit served as a clear demonstration of Hong Kong's commitment to engaging talent, and its welcoming attitude towards talented individuals from around the world, who are encouraged to explore career opportunities in Hong Kong.
The "International Talent Forum" and "The Second Guangdong-Hong Kong-Macao Greater Bay Area High-Quality Talent Development Conference" under the Summit drew a total physical attendance of around 4,900 participants, and garnered over 130,000 views through live webcast. The two-day CareerConnect Expo, held concurrently, attracted more than 8,600 attendees, reflecting Hong Kong's appeal to talent.
Some participants expressed their observation that the HKSAR Government and local enterprises attach great importance to talent. They considered that Hong Kong offers abundant development opportunities to them. They also appreciated the open, caring, and international environment of the city, as well as its efficient operation. A talent who came to Hong Kong via the "Top Talent Pass Scheme" (TTPS) said that Hong Kong possesses clear and unique advantages for its capital market, which acts as a crucial bridge between Greater China and the rest of the world. According to surveys, those who chose to come to Hong Kong through TTPS had primarily considered factors such as the city's low tax rate, safety, freedom, diversity, favourable employment and career prospects, healthcare services, and education for their children.
Since the implementation of the enhanced talent attraction measures over a year ago, as at the end of last month, we had received around 290 000 applications under various talent admission schemes, and already approved around 180 000 of them. Around 120 000 individuals had arrived in Hong Kong. According to surveys conducted and information available at the end of last year, the median age of approved applicants under TTPS is 35 years old. 60% of TTPS entrants were married, and many of them moved to Hong Kong with their families. More than half of the incoming talents who had arrived in Hong Kong for over six months with TTPS visas were currently employed, with a median monthly income of around $50,000. These talents, as well as their accompanying family members, will serve as new forces in driving Hong Kong's sustainable development.
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| Speaking at the welcome dinner of the Capital Markets Forum, jointly hosted by the Saudi Exchange and the Hong Kong Exchanges and Clearing Limited (HKEX) last week. |
For attracting capital, in addition to strengthening our connections with traditional markets in Europe and the United States, we are actively expanding into new markets, including the Middle East. Following the successful inaugural PRIORITY Asia Summit in Hong Kong, hosted by the Future Investment Initiative (FII) Institute of Saudi Arabia last year, the Saudi Exchange held its flagship Capital Market Forum overseas for the first time last week, selecting Hong Kong as the venue. The event drew around 650 attendees, with some 30% coming from the Middle East. The Hong Kong Exchanges and Clearing Limited (HKEX) also arranged around 300 meetings among enterprises and investors from the Middle East, Hong Kong, and the Mainland. These have highlighted Hong Kong's role and function as a "super-connector" between our country and the rest of the world.
Cooperation between Hong Kong and Saudi Arabia in the realms of finance, trade, people-to-people exchanges, and more, is deepening and achieving solid progress. In September 2023, HKEX added the Saudi Exchange to its list of recognised stock exchanges, allowing Saudi listed companies to have secondary listings in Hong Kong. In November, the first Saudi exchange-traded fund (ETF) in Asia was listed in Hong Kong, which had also the largest asset size among similar products globally. The HKSAR Government is working with several financial institutions to facilitate the listing of an ETF in the Middle East that tracks Hong Kong stock indices, with a view to promoting two-way capital flows between the two regions.
Since February last year, various government departments, chambers of commerce and enterprises have engaged in around 60 collaboration projects with the Arab States of the Gulf. These projects cover enhanced collaboration, mediation and arbitration, artificial intelligence, and more. Meanwhile, we are discussing an Investment Promotion and Protection Agreement with Saudi Arabia, and considering the setting up of an Economic and Trade Office in Riyadh, the capital of Saudi Arabia.
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| Having a group photo at the welcome dinner of the Capital Markets Forum, jointly hosted by the Saudi Exchange and the HKEX last week. |
This month, the Hong Kong Tourism Board (HKTB) initiated promotional activities for Hong Kong in several Gulf countries. Notably, HKTB led the largest-ever tourism trade delegation to Dubai last week to participate in the Arabian Travel Market, the largest annual international travel industry exhibition in the Middle East region. In fact, based on last year's survey, tourists from the Gulf countries have higher spending power, with an average per capita spending of $11,300, which is 85% higher than the overall average. They also tend to have longer average lengths of stay. They are thus an important high-spending visitor segment to target in the future. In the fourth quarter of this year, Cathay Pacific Airways will resume its passenger route from Hong Kong to Riyadh, facilitating more convenient economic, trade, and cultural exchanges between the two places.
For attracting enterprises, in addition to the second batch of enterprise partners announced earlier by the Office for Attracting Strategic Enterprises, Invest Hong Kong assisted a total of 150 Mainland and overseas companies in establishing or expanding their presence in Hong Kong during the first quarter of this year. This marks a 46% increase compared to the same quarter last year. These companies mainly operate in the financial services, innovation and technology and family office sectors. Collectively, they are expected to invest around $14.7 billion and create over 2,000 job opportunities.
We are faced with various challenges ahead, such as a complex and volatile external environment, geopolitical tensions, and high interest rates. Amid new circumstances and landscapes, with the staunch support of the Central Government, and by striving to reinforce and enhance our competitiveness, it is clear that we will achieve faster and higher-quality economic growth.
May 12, 2024
