The city-state’s manpower minister said the characterization that the two financial hubs are competing with each other for global talent does not „necessarily match” but sees „intrinsic advantages” and unique „special importance” for each.
Hong Kong is a prime location to encourage talent development
Hong Kong Chief Executive John Lee Ka-chiu and Malaysia’s Deputy Minister for Investment Trade and Industry Liew Chin Tong were other keynote speakers at the summit.
Singapore offers a special visa to top talent who earn more than USD 250,000
Singapore offers a special visa to top talent who earn more than USD 250,000
But the Singaporean minister went to great lengths to emphasize that the two financial centers have different strengths.
„Hong Kong is in a prime position to encourage talent development, with its strong links to the Chinese mainland and its central location in the Greater Bay Area, which has a GDP of around US$2 trillion. Likewise, Singapore will be a springboard for talent development in Southeast Asia,” Tan said. said in his opening remarks.
Hong Kong’s „aspirations” for cities like Macau, Shenzhen and Guangzhou — all part of Beijing’s ambitious Greater Bay Area plan to create a thriving global technology and economic hub around the Pearl River Delta — will help attract global talent, Tan said.
Responding to what the cooperation between the two cities will look like, Tan said Hong Kong and Singapore have „many opportunities to exchange in terms of trade” and are currently working to understand the frameworks for cooperation and how each other works.
He said it was important for selection processes for foreign talent to be „transparent, predictable and clear”, adding that there were structures in place to assess how well these foreign workers could complement the local workforce.
Singapore’s global talent pitch boosts local anger amid cost-of-living woes
Singapore’s global talent pitch boosts local anger amid cost-of-living woes
In addition, the Singapore government is investing „significantly” in its local workforce, he said, providing training opportunities and programs to help career transitions.
„Putting all these together” will ensure a „long-term, stable, predictable future,” Tan said. [for] Our Local Talents” to complement foreign expertise and bring added value to the workforce of the city state.
He concluded his opening remarks with a few words in Cantonese. „I am confident that Singapore and Hong Kong will maintain our interconnectedness and work together to bring Asia to new heights.”
The Hong Kong-ASEAN Summit 2023 is organized by the South China Morning Post in association with the Hong Kong-ASEAN Foundation and our Hong Kong Foundation.