Inflexible labor policies across much of Asia could push the region's most skilled professionals toward jobs in Europe or the United States, according to a Standard Chartered Bank report published Monday.
The study found that Asia trails both the European Union and North America in drawing top-tier talent, partly because Western economies have benefited from EU expansion and repeated easing of US immigration rules. Cultural attitudes and socio-political obstacles further limit the movement of professionals within the region.
In labor-short developed economies such as Japan, South Korea, Hong Kong, Taiwan, and Singapore, roughly 70 percent of migrant workers are Asian nationals, mostly from countries including India, China, Indonesia, and the Philippines. The overwhelming majority hold low-skilled positions such as domestic work or factory jobs.
Professional workers make up only 10 percent of Hong Kong's foreign workforce and under 2 percent in Malaysia, the report noted. Nicholas Kwan, head of economic research, called for "more accommodative labor policy and open culture" to encourage the movement of skilled workers to where they are most needed.
Historical summary. TurkishPress restated this wire report, first published in November 2006, in its own words.