Tens of thousands of people have moved to Hong Kong since last year under measures designed to attract talent, but the city will need to strengthen its efforts to remain competitive, Chief Executive John Lee said on Wednesday.

The government will develop a headquarters economy to attract firms to the SAR and help them tap into the mainland market, Lee said in his Policy Address.

At the same time, the authorities will look at ways to get mainland companies to set up headquarters or divisions in Hong Kong.

Lee said the government will also introduce a mechanism to make it easier for companies domiciled overseas to re-domicile in the SAR.

From October 26, foreigners working for companies registered in Hong Kong will be able to apply for multiple-entry visas to the mainland that are valid for two years, the CE said, adding that these people will also be given priority processing.

The chief executive said his administration will bring back the Capital Investment Entrant Scheme, allowing those who make investments of HK$30 million or more to move to Hong Kong.

"This will strengthen the development of our asset and wealth management business, financial services and related professional services," Lee said.

Other Policy Address measures aimed at attracting and retaining talent include setting up an office for Hong Kong Talent Engage – which provides support for those moving to the city – as well as adding eight outside universities to the Top Talent Pass Scheme and relaxing visa requirements for people from Vietnam, Laos and Nepal.

Meanwhile, a two-year pilot programme will allow non-local students of full-time professional Vocational Training Council higher diploma programmes to be allowed to stay in Hong Kong to look for a job in the 12 months after their graduation.