SEOUL – South Korea’s capital, Seoul has announced plans to invest $184.8 million to attract foreign talent and businesses and to help them adjust to the city.
The investment would be made over a period of five years as confirmed by the Seoul Metropolitan Government in a press briefing. The development comes as the number of foreign workers continues to increase in the city.
The city government says there are around 440,000 residents of foreign nationality, accounting for 4.7 percent of the city’s total population.
The investment is focused on attracting around 1,000 foreign nationals. As far as the eligibility is concerned, those with master’s or doctoral degrees in science and engineering would be attracted in cooperation with top universities in Seoul.
The city mayor details that ten universities with majors in high-tech fields will be selected to receive financial support of up to 1.5 billion won annually for three years by 2025, Asia News Network reported.
“The key behind Seoul’s plan is to attract foreign talent and to create an inclusive, multicultural society to boost the city’s global competitiveness,” said the mayor during Monday’s press briefing.
“To make Seoul one of the top five global cities (in the Global Cities Index), Seoul must shape itself into an inclusive city that attracts foreign talent and companies while engaging with them to make the most of their ideas, capital and capabilities,” the mayor added.
Meanwhile, Seoul will also establish a startup assistance center by 2030, to host over 100 overseas startup companies seeking to expand into Seoul and to broaden its market in Asia.
The city aims to attract foreign direct investment and help students of foreign nationality in Seoul find jobs at startups and artificial intelligence firms or launch a startup company of their own.
The complete details are yet to be disclosed, however, in September, the city government will launch a pilot program that introduces 100 domestic workers from the Philippines.
The city government will also try to attract people of foreign nationality to fill labor shortages in the care work sector in nursing hospitals.
The city seems to have a comprehensive plan to attract foreigners as it will begin hosting study abroad fairs to draw more foreign national students, starting with Jakarta, Indonesia, in July and New Delhi, India, in December.
Media reports also suggest that the city will also create a scholarship program, known as the Seoul Tech Scholarship, awarding 200 students from developing countries with up to 20 million won annually for five years.
The city mayor has announced that foreign national residents would be eligible for the same welfare benefits for pregnancy, childbirth and child care given to Korean nationals residing in the city.
Moreover, foreign national residents will also be able to receive home rental assistance for both monthly lease contracts and “jeonse,” or lump-sum returnable housing deposits, for two years.
