There's no need for Hong Kong to compare itself to Singapore in talent and investment acquisition, as those who wish to expand their markets to the mainland will opt for the SAR while those targeting southeast Asian markets will go to the city-state, Secretary for Labour and Welfare Chris Sun Yuk-han said.

He said yesterday that it is beneficial for everyone if the region has more than one hub to lure talents and businesses.

With Chief Executive John Lee Ka-chiu vowing in his policy address to go all out to attract people with specialized knowledge and skills, Sun said Hong Kong has strengths and attractions, such as "the support from the motherland while engaging with the world, and having a recognized tax system and common law system," and so it should have the confidence to attract talents.

He believes the region needs multiple business centers to reach its potential, and as long as the pool of talent and business is brought together, it will benefit all.

For Sun, the talent loss was caused by the pandemic, and with the 0+3 quarantine measure in place, Hong Kong's competitiveness is greatly enhanced.

Sun's hope is to bring in 35,000 talents on average annually who could stay for a long time and will review the progress one year later.

On the Top Talent Pass Scheme that allows people on an annual salary of HK$2.5 million and graduates from the world top 100 universities to develop their career paths here, Sun said "top talents" can spend two years "exploring" without worrying.

He also pointed out proactive measures will be taken to reach out to mainland and overseas talents through the newly established Talents Service Unit.

Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said developments in financial technology and the use of online communications and other tech measures can help reduce the impact of a shortage of talent.

Financial Secretary Paul Chan Mo-po pitched the latest talent acquisition schemes in Bahrain on Sunday.

Chan urged its enterprises to use the SAR as a platform to grasp development opportunities in Macau, the mainland and other emerging markets and met finance officials to exchange views on the economy and regional development, and strengthen economic and trade ties.

Sun shines light on different turfs in rivalry