Hong Kong will encourage university professors to engage in companies' research and development, and invite representatives of technology firms to participate in education through a new program, Chief Executive John Lee Ka-chiu said on Wednesday.

The initiative is aimed at promoting the flow of talents between the industry and academic sectors and help the special administrative region build a diversified talent pool.

Delivering the fourth Policy Address of his five-year term in the Legislative Council, Lee highlighted the significance of maintaining support talent development and making Hong Kong a magnet for international high-caliber professionals.

To enhance the synergy in the academic, research and industry sectors, a newly-launched Innovation and Technology Talents Exchange Scheme for Industry and Academic Sectors will facilitate scholars’ engagement in joint research and development activities for a better grasp of industry needs.

Senior management and technical experts from technology enterprises will also be able to teach and help develop curriculum in higher education institutions to strengthen the collaborative development of the three sectors.

The program will be jointly launched by the Innovation, Technology and Industry Bureau and the Education Bureau.

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An SAR government source told China Daily that although the exact date for the program to be launched still needs to be discussed, it will systematically bolster local universities’ exchanges with industries.

The authorities will act as a bridge for the program, lining up relevant stakeholders and responding to their specific needs, such as facilitating the flow of information.

The government is ready for consultations with enterprises and universities, the source said.

Lee also noted that fruitful results have been achieved under the Top Talent Pass Scheme -- a major talent importation program launched in 2022 targeting high-quality professionals.

About 95 percent of professionals coming to Hong Kong under the program receive a monthly income higher than the local median income of about HK$20,000 ($2751.1), with 50 percent of them earning nearly double that amount.

The program contributes a total of about HK$34 billion annually to the local economy, accounting for about 1.2 percent of Hong Kong’s gross domestic product.

Lee said data and recent international rankings have proved that the SAR’s talent policy is on the right track and effective, and it’s one of the important driving forces for economic development.

Confirming that the current talent attraction programs will continue to operate in the coming year, the source said the authorities will continue to review their performance and monitor areas for improvement.

Contact the writer at amberwu@chinadailyhk.com