The Government will introduce a new mechanism and new scheme to entice enterprises and talent from around the world to set up in Hong Kong.

As he delivered his 2023-2024 Budget, Financial Secretary Paul Chan said the city has been a hub for multinational enterprises for a long time. To explore more market opportunities, the Government will introduce a mechanism to help companies domiciled overseas, particularly enterprises with a business focus in the Asia‑Pacific region, for re‑domiciliation to Hong Kong, so that these companies may utilise the city’s favourable business environment and professional services. “We will conduct a consultation and submit legislative proposals in 2023‑24,” Mr Chan added.

In his 2022 Policy Address, the Chief Executive proposed to establish the Hong Kong Investment Corporation (HKIC) to enhance the city’s ability to attract enterprises and investment, and facilitate industrial co-operation. The HKIC has started operations and has been identifying partners to make strategic investments in a timely manner.

The Financial Secretary said the Labour & Welfare Bureau is currently updating the Talent List, for completion within the next month, to reflect the manpower demands of different professions.

Mr Chan also introduced in his Budget a new Capital Investment Entrant Scheme. Applicants should make an investment at a certain amount in the local asset market, excluding property. Upon approval, they may reside and pursue development in Hong Kong. Details of the scheme will be announced later.

In addition, the Government will encourage diversified development through education and training to equip the city’s young people and practitioners of different sectors with the skills required for the future development of its industries and economy.

To nurture fintech talent, the Government will launch a fintech internship scheme for post-secondary students, under which subsidies will be provided to participating students in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area. The scheme facilitates eligible students to acquire practical work experience in fintech enterprises in Hong Kong or the wider bay area, and helps them develop an early interest in pursuing a career in fintech after graduation.

Mr Chan said the Government would extend the Pilot Programme to Enhance Talent Training for the Insurance Sector and the Asset & Wealth Management Sector for another three years to nurture more professionals in the industry and enhance the competency of practitioners.

In the maritime, aviation and logistics industries, the Government will inject $200 million into the Maritime & Aviation Training Fund to support the labour training of the logistics industry, promote the development of high‑end, high value‑added and smart logistics, and encourage the industry to collaborate with tertiary institutions and professional organisations in attracting more young people to join the industry. Also, the city will launch a Maritime Services Traineeship Scheme this year to provide opportunities for young people who aspire to a career in maritime law.

To attract more young people to join the aviation industry, the first‑year training places of the GBA Youth Aviation Industry Internship Programme co‑organised by the Hong Kong International Aviation Academy and Mainland institutions will be increased from 300 to 450 to meet the long‑term manpower demand of the aviation industry in Hong Kong and the Mainland.

Addressing the need for talent in the innovation and technology sector, the Government will make an additional funding of $300 million to continue providing subsidies of up to $1 million for each publicly‑funded secondary school in the next three academic years for the organisation of information technology activities.

In view of the city’s infrastructure development in the coming years, the Government will work with tertiary institutions to launch a two‑year pilot scheme to provide on‑the‑job training allowances to trainees who have enrolled in part‑time construction‑related degree programmes. It is estimated that a cost of $100 million will be incurred.

The Government will also earmark $7 million to collaborate with Hong Kong Institute of Construction to launch a two‑year “First‑hire‑then‑train” subsidy scheme, to provide on‑the‑job training allowance to trainees who have chosen to enrol in Construction Safety Officer courses.