Govt Urged To Give Clearer Pathway To Reopening

Representatives of the fund management industry said on Monday that continuing travel restrictions are chipping away at Hong Kong's competitiveness as an international financial hub, as they called on authorities to provide a roadmap for a full reopening as soon as possible.

The Hong Kong Investment Funds Association (HKIFA) is also urging the government to stop suspending flights for airlines that bring in Covid-positive passengers.

The call comes ahead of the further easing of border control measures on May 1, when non-Hong Kong residents will be allowed to fly into the city from overseas, and flight suspensions for airlines that bring in Covid patients will be shortened.

The association’s chairman, Nelson Chow, said quite a number of the association's members say they are losing talents, although he conceded he was not sure how many have or are planning to relocate.

He added that Singapore has been the most popular destination, especially for regional positions overseeing business operations in Asia.

"The regional role means that they would engage more in international travelling, I think being in Singapore or other cities, which have more relaxed travelling rules, would allow them to conduct their business better," he said.

Its CEO, Sally Wong, said Hong Kong needs a “Covid exit strategy” before it loses more talents.

"Time is not on our side, we have to act fast. Because in the past few months, we have been seeing more and more relocation. Some of these may be temporary, but if we continue to have uncertainty, and people just turn these temporary relocations to permanent, then it's very difficult to win them back," she said.

The HKIFA said the territory's Covid strategies must be in line with other major financial centres to maintain its competitiveness.