Hong Kong wants to attract more skilled immigrants
Hong Kong one of the most economically prosperous former British colonies is currently facing demographic crisis by having one of the fastest ageing populations in Asia, combined with low birth rates. According to the government of Hong Kong in order to maintain the current workforce, the city has to attract at least 14 000 new immigrants per year.
In this context Labour and Welfare Secretary Matthew Cheung said that the Government has taken the necessary measures in order to attract and nurture foreign talents to Hong Kong and to assure that there is not a labour force shortage in the near future. Cheung stresses that the efforts of the government are mainly concentrated on attraction and retention of highly qualified immigrants with rich educational and professional experience.
As Hong Kong tries to attract people from abroad, it is facing stiff competition from other Asian destinations such as Singapore, Shanghai and Tokyo. Furthermore Hong Kong has other problems such as high levels of air pollution, high prices of houses and not enough places in local schools where the kids of the expatriates can study. Those are one of the most common reasons why foreign professionals refuse to come to the city.
While many people may prefer alternative destinations such as Singapore, Hong Kong still has the advantage due to its proximity to China and the good infrastructural connections between the city and Mainland China.
Demand for professionals in the financial services industry is expected to increase 2.5 per cent to 253,100 by 2018. The number of workers needed in the manufacturing sector however may drop 3.1 per cent, according to a government report.
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