James Incles is managing director
of ESG Search, a recruitment company
that places professionals in jobs across
the energy, natural resources and
environmental sectors. James spent
four years recruiting in capital markets
in Japan and two in London before
moving to Hong Kong to set up his
business in Asia.
“We are certainly seeing a shift
of expats who are not in the financial
services moving to countries not centred
on banking. If you look at the economy,
the Fortune 500 companies in natural
resources, gas, oil and manufacturing
are all based in Southeast Asia.
Economies such as Indonesia, Malaysia
and Thailand are growing quickly
and so, while a lot of the corporate
headquarters are still in Singapore, local
offices are opening across the region,”
he says.
Bob Knight and his family moved
from Hong Kong to Vietnam in 2012
when he accepted an offer to lead the
operations of an oil and gas exploration
company. His expat package provides
schooling for his two teenage daughters
at an international school, flights back to
the US every year, a 400-square-metre
villa with a pool, a nanny, a helper and
a driver. “The cost of living is very low
and yet the standard of living here and
lifestyle we lead is a joy. I first visited
here in 2000, and I am still amazed
by how quickly things are changing,”
he says. “We have a lifestyle that, as a
family, we couldn’t enjoy elsewhere,
and [the villa] is very different to the
apartment we had in Hong Kong. My
only complaints since moving here are
the traffic and driving, but, thankfully,
we have a driver to ease my concerns!”
It’s not just Vietnam where
foreign professionals are being
attracted by improving standards of
living and the possibility of a full expat
package. Foreign investment has been
very good to Indonesia which, during its
current business boom, has developed
a nearly US$1 trillion economy that’s
growing at six per cent each year.
With huge oil and gas reserves, and a
developing infrastructure to serve the
population of 243 million, there are
increasingly significant opportunities
for expats.
Yves says that Santa Fe has also
assisted moves from Hong Kong to the
Philippines, where a new government
has become more attractive to foreign
business; Thailand, another country
creating opportunities for growth in
natural resources; and India. Two newer
additions to the list are Mongolia, which
is opening up its vast mining reserves,
and Myanmar.
The only Southeast Asian country
that seems to be bucking the trend is
Malaysia. While a senior manager may
still be offered a full expat package, the
Malaysian government has set a quota
on the number of foreign nationals
allowed per number of local workers.
So what does the future hold for
expats in Hong Kong and the packages
they may be offered?
“It depends on what China does
with Hong Kong,” says James from
ESG Search. “The biggest danger is
how many professionals in Hong Kong
work in the financial services industry. If
the downturn goes on, or the financial
industry moves to Shanghai as is tipped,
what industries are going to be in Hong
Kong? When a country is so reliant
on one sector it leaves itself vulnerable
should there be a crisis of some kind,” he
says. “That said, I still think Hong Kong
will be a great place [for expats].”
