SCMP Editorial

Editorial | Scheme to attract overseas talent is ambitious but just what Hong Kong needs

The government has given a renewed push to a programme to lure professionals working in advanced technology, and while the city’s image has been tarnished in the eyes of the world, our fundamentals remain strong

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Overseas confidence in Hong Kong has dropped. Photo: Reuters

SCMP Editorial

Published: 11:56pm, 8 Feb 2020Updated: 11:56pm, 8 Feb 2020

Hong Kong used to be an attractive place for foreign talent. But growing competition in an increasingly globalised environment means we are not necessarily the preferred choice for the best in the market. The social unrest over the past eight months and the deepening coronavirus health crisis have further dampened interest in moving to the city.

With overseas confidence in Hong Kong still weak, the government has taken a bold step to launch an enhanced technology talent admission scheme. The scope includes 5G communications, digital entertainment, green technology, integrated circuit design, Internet of Things and microelectronics. Unlike the original scheme which covered only tenants and incubatees of the Science and Technology Park and Cyberport across seven fields, such as artificial intelligence, biotechnology and financial technologies, all companies doing research and development in the new programme’s 13 fields will be eligible.

The city has a lot of catching up to do on this front. Successive governments have devoted much effort and resources in developing innovation and technology. But the results have still left us lagging behind our regional competitors. The enhanced talent admission scheme was announced by Chief Executive Carrie Lam Cheng Yuet-ngor in her policy address last year. Officials believe the streamlined procedures will expedite the inflow of technology talent from different parts of the world, which in turns will promote cross-fertilisation of local and non-local expertise.

Whether foreign talents will consider moving to Hong Kong in these turbulent times remains to be seen. Given career planning and relocation involve longer-term planning, an early launch of the scheme is justified. While we are still struggling to bring the unrest and the public health crisis under control, the competition for global talent does not pause for us.

It will take more time for the political and health crises to be brought under control; and the economic downturn could last even longer. But our fundamentals remain healthy and strong. Hopefully, the new measure can help recover some lost ground.