The chairman of the European Chamber of Commerce in Hong Kong said that for the city to strengthen its status as a global business hub, it needs to diversify its talent pool, improve its livability, and preserve its unique cultural heritage.

In an interview with China Daily, Inaki Amate highlighted the importance of raising awareness worldwide that Hong Kong remains an important and relevant destination and a fantastic place for global professionals seeking an international career.

“Hong Kong has the well-pack aged and well-promoted propositionof some of the highest concentrations of international schools and universities in the world. Besides, the city also has great natural scenery. It will be a very interesting proposition for anyone that is thinking about choosing a place in the future for the family,” Amate said.

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He referenced research by the British Chamber of Commerce in Hong Kong, which found that the ability to work, live, play, and learn in the city is more valued than salary and high-profile jobs. 

Amate said that for the city to attract more overseas professionals, it needs to explore measures to reset the local real estate market and make it more affordable and livable.

“The real estate prices in Hong Kong are still too high, (which means) that some of our hospitality and retail industry corporate members are suffering quite a bit,” he said. “Probably, prices will need to drop significantly — much more than we have seen in the last few years — to make Hong Kong businesses regain their competitiveness.” 

Improving the city’s English-language standards is another urgent matter, Amate said.

“As an international hub, Hong Kong has very few hours of English broadcasting media and print media,” Amate said, adding that the overall English proficiency has declined.

“The government should consider policies to improve English education, as English proficiency is essential for the special administrative region to remain an international business and tourism hub,” he said.

He suggested coordinated campaigns involving both private and public sectors to promote Hong Kong’s unique proposition globally as an international hub.

“Could Hong Kong host the Olympic Games at some point in the future? Could Hong Kong be the center of the space economy and the space industry across Asia-Pacific?” Amate said, posing examples of ambitious goals.

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Tourism also holds significant potential. Amate said that Hong Kong’s waterfront is underutilized compared with those in Australia and Europe.

"The government should consider policies to allow more commercial and hospitality development along the waterfront. It should create more interesting destinations like Sai Kung and Lantau. Improving infrastructure and development in these areas could enhance the city’s appeal as a tourism d destination and international hub,” he said.

Hong Kong’s cultural scene is another area ripe for development, and Amate called for preserving its unique blend of Western and Eastern cultures.

Amate highlighted the significant demographic changes that have occurred in Hong Kong’s talent pool following the COVID-19 pandemic. He recalled that when Hong Kong reopened, the initial focus was on reactivating business with the Chinese mainland and nearby regions, and bringing in workers from the mainland, Southeast Asia and India.

“Hong Kong has witnessed a less-diverse workforce. I think there is an opportunity for us to try to improve the (number) of people from other parts of the world coming into Hong Kong, in order to keep the international hub status of the city,” he said, pointing to the need to focus on the overall Asia-Pacific region.

European companies and professionals started to come back to Hong Kong gradually beginning in 2023, when they saw business and career potential, he said. However, European talent is less inclined to view Hong Kong as a top destination for developing an international career. 

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Initiated in 1997, EuroCham is a nongovernmental business interest group comprising 16 European chambers in Hong Kong, representing more than 1,600 European companies in the financial services, retail, hospitality, luxury goods, logistics, trading and manufacturing sectors. European professionals in the city include lawyers, consultants, accountants, architects, and artists and designers. 

Some of the smaller chambers are struggling to recover from COVID-19-era losses, but others — such as the Polish and Swiss chambers — have witnessed growth. Amate said he hopes that more European chambers will join EuroCham in the coming years. “EuroCham needs more critical mass. We need more European companies willing to come to do business and establish their operations in Hong Kong.”

Contact the writer at oswald@chinadailyhk.com