Since the outbreak of the COVID-19 pandemic, Hong Kong has suffered from a deep economic recession and recorded negative GDP growth consecutively, which has posed unprecedented threats to different business sectors in Hong Kong. Among all, the significant decline in sales, high production costs and the loss of talents are the biggest challenges they encountered in the past three years. While we have now entered the post-pandemic era, many hurdles remain on our route to recovery.
With the ‘full return to normal’ in Hong Kong, it is the perfect time to showcase our strengths to attract investors and tourists and promote businesses. While the gradual economic rebound of different sectors in Hong Kong clearly shows that the investors have rebuilt their confidence towards the future development of Hong Kong, we should continue to promote Hong Kong’s advantages and opportunities to drive more global mobility in addition to raising our profile as a world city. Yet, the manpower shortage in most industries is left unresolved, hindering the revitalisation. For the sake of safeguarding sustainable development in all sectors, Hong Kong must navigate the labour shortage.
Raising youth employment is one of the ways to unleash our potential workforce. Recognising the importance to enhance youth employability and independence for improved productivity and competitiveness in the long run, the Federation has lobbied to launch different support measures to encourage graduate employment among employers. With the support rendered by our members, we have proactively engaged in the "Strive and Rise Programme" launched in October 2022, which aims to help lift underprivileged students out of intergenerational poverty. At the same time, we see the need to review the current education system. Technical and Vocational Education and Training (TVET) is often considered the second choice for low achievers. In fact, however, with the objective of providing learners with practical knowledge and skills, TVET should share the same importance as mainstream education. Only with a balanced education system can Hong Kong achieve a diverse workforce. Meanwhile, we will continue to collaborate with different government departments and our members to provide opportunities for pre-employment and on-the-job training for youngsters to unleash their full potential and eventually contribute to society.
The shift from the traditional employment model to the hybrid work model has been observed in recent years, showing the adaptability of businesses to the “new normal”. Employers are strongly encouraged to conduct strategic reviews and updates regularly to stay competitive in the labour market. On the other hand, business innovation is essential for Hong Kong to consolidate its development in today’s rapidly changing world. Therefore, business agility and flexibility are crucial for enterprises to respond to fast-changing consumer behaviour and trends swiftly.
Under the witness of the Chief Executive, our social partners and members, we have celebrated the 75th anniversary of the Federation. In the past decades, we have succeeded to work as a collective voice for employers by providing constructive opinions on different employment issues. In the year ahead, we will continue to bridge the Government, employers and employees to facilitate sustainable development for Hong Kong amid the cloudy global economic environment.
Last but not least, I would like to express my gratitude to our Chairman, Ir Alkin Kwong, our Vice-Chairmen, Mr Stephen Ng and Mr Wilson Kwong, as well as members of the Council, the General Committee and all working committee, for their unwavering support and contribution to the Federation.
Louis Pong
CEO
May 2023