The government of Hong Kong has announced a new visa program in an effort to attract international talents as the city works to stop a brain drain that has threatened its position as a major financial hub.

The new Top Talent Pass Scheme, according to Chief Executive John Lee, will allow people earning an annual salary of 2.5 million Hong Kong dollars ($318,472) or more and graduates from the best universities in the world to work or pursue opportunities in the city for two years.

Mr Lee said the nation must be “more proactive and aggressive in competing for enterprises and competing for talent” in his first speech on the subject.

“The government will actively trawl the world for talent, in addition to actively nurturing and retaining local talent,” he continued.

The attempt to draw talent to Hong Kong comes as a result of a recent exodus of residents who were prompted by the city’s ongoing political repression, reduced freedoms following the passage of a stringent national security law, and stringent COVID-19 entry restrictions that were in place for the majority of the pandemic.

The Hong Kong government revealed that  plans were ongoing to create a new task force to develop recruitment strategies and offer assistance to new immigrants, as well as streamline the processes for businesses to hire foreigners in specific professions.