The Democratic Alliance for the Betterment and Progress of Hong Kong (DAB) has called upon the Financial Secretary Henry Tang to provide economic incentives to hi-tech manufactures and other emerging industries to ensure that the territory remains competitive.
The DAB, a Hong Kong political party, is urging Mr Tang to go about this by providing extra tax incentives, lower rents and by relaxing the immigration rules for highly skilled foreign professionals.
"Even though those industries are developing in our neighbouring countries, Hong Kong still has the edge such as our legal system and protection of intellectual property rights," DAB legislator Chan Kam-lam was quoted by the South China Morning Post as observing.
Chan argued that importing more foreign professionals to Hong Kong would not deprive local residents of job opportunities and would in actual fact ease the shortage of skilled workers in the territory.
"We are not talking about low-paid unskilled jobs. These industries are high-value-added and hi-tech ones," he stated.
The party, which is due to hold talks with Mr Tang on Thursday, is also calling for a cut in stamp duty on homes with a value of less than HK$6 million (US775,000) to ease the tax burden on the middle and working classes.
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