Since the Belt and Road Initiative was first proposed in 2013, it has been well received and widely engaged with around the world. According to Hays, a leading global recruitment group, talent is one of the key factors contributing to the development of the Initiative. In recent years, the implementation of Belt and Road-themed investment and cooperation projects has brought about new opportunities for businesses and driven a significant rise in the demand for and recruitment of professionals in related fields.
Simon Lance, Managing Director for Greater China at Hays, says, “China’s Belt and Road Initiative encompasses 65 countries and regions. And a great number of investment and cooperation projects are being implemented. As most of these are infrastructure construction projects, there is a huge demand from Chinese construction and engineering companies for senior project management professionals when going overseas.”
From 2016 onwards, as Belt and Road projects have been initiated intensively on the ground in Asia, especially in countries such as the Philippines, Malaysia, Vietnam, and Myanmar, among others, the demand for senior project management professionals with local and international experience has increased significantly. With Chinese construction and engineering companies branching out in these areas, they seek managerial talents to lead their efforts in overseas investment, local government engagement, and funds management. Since 2018, as those projects have been smoothly operating, the increase in the demand for such candidates has become moderate. However, the demand in absolute terms is expected to remain strong in 2019 and beyond.
Simon adds that in the process of overseas investment or cooperation, Chinese construction and engineering companies often face the challenges posed by an unfamiliar local policy environment, a different business and commercial environment, and cultural differences. Therefore, managerial talents who know how best to engage local governments and do negotiations, and how to manage project financing are invaluable assets. In addition, in English-speaking countries such as Malaysia and the Philippines, high-end management candidates who are competent of those tasks and also speak good English are extremely popular in the job market.
The progress of the Belt and Road Initiative could not be achieved without financing support. As such, it has unlocked new potential in China for Asian banks.
“We have seen Asian banks, in particular Singaporean, Malaysian, and Japanese banks who have operations in China, seeking business growth by actively deploying resources to participate in the Belt and Road projects. Therefore, the recruitment activities for professionals by Asian banks is very active,” says Simon.
The Belt and Road Initiative has resulted in increased hiring in project finance and export credit in particular in the Chinese banking sector. And such demand is expected to remain strong in 2019. In terms of the positions to be filled, relationship managers and product managers are the positions in greatest demand by Asian banks in the Chinese mainland. Candidates with client relationships in infrastructure, engineering procurement and the construction and transportation industries, or with experience in offshore lending, syndication loans, export trade finance and debt capital markets are particularly sought after. As the Chinese policy banks and commercial banks play an important role in the financing of Belt and Road projects, especially popular are those who have a background with Chinese policy banks along with over 10 years of experience in the sector.
“In recent years, Hays has offered substantial help to Chinese and Foreign companies in meeting their recruitment and talent management objectives. With the Belt and Road Initiative expanding in both depth and scope, we are looking forward to continuing to support our partners to capture the significant opportunities in China and along the Belt and Road,” says Simon.