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Seoul City to Invest 250.6 Bln Won Over 5 Yrs. to Attract Foreign Talent, Businesses

Written: 2024-05-20 15:56:11Updated: 2024-05-20 15:57:41

Seoul City to Invest 250.6 Bln Won Over 5 Yrs. to Attract Foreign Talent, Businesses

Photo : YONHAP News

Anchor: The foreign population in South Korea's capital, Seoul, currently stands at around 440-thousand. The city government hopes to increase that figure and has put forth a 250-billion-won master plan to attract more foreigners and businesses to integrate their ideas, capital and talent into Seoul's future growth.
Choi You Sun reports.

Report: The Seoul Metropolitan Government has announced plans to inject 250-point-six billion won, or around 185 million U.S. dollars, over the next five years to attract foreign talent and businesses to the city and support their stable settlement.

Seoul Mayor Oh Se-hoon said Monday that in order for the South Korean capital to be included among the top five global cities, it should be inclusive with regard to the maximum utilization of ideas, capital and human resources capacity of foreign residents.

The plan comes as the number of foreigners residing in Seoul has reached 440-thousand, or four-point-seven percent, of the city's total population.

Under its master plan foreign resident policy, the city government aims to attract one-thousand people with master's and doctoral degrees in natural sciences and engineering through grants to universities and scholarships, as well as global companies and tech unicorns by operating startup support centers.

Seoul City will also seek to bring in foreign workers to find jobs in industries experiencing a shortage of domestic labor, such as nursing for the elderly, childcare, food services and lodging, and to foster foreign talent in the K-beauty and fashion industries.

In a bid to increase foreign residents' economic activity, the city will offer support in finding employment, starting businesses and job training.

The municipal government will also provide various support and services for foreign families during pregnancy, childbirth and child education.

The city government is set to establish a global urban policy director general office in July to oversee enforcement of the master plan and to strategically establish policies concerning foreigners and immigration.
Choi You Sun, KBS World Radio News.

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