Appearing President and Finance Minister Choi Sang-mok speaks throughout a gathering on overseas workforce insurance policies at Authorities Complicated Seoul, Wednesday. Yonhap
Korea will introduce a brand new visa program later this month to supply secure stays and speedy visa processes for overseas professionals in high-tech areas resembling semiconductors and electrical automobile batteries, the federal government mentioned Wednesday.
This transfer comes as world competitors heats as much as recruit consultants and corporations to steer within the improvement of future applied sciences resembling synthetic intelligence, quantum computing and superior manufacturing.
Underneath the “top-tier visa” system, overseas professionals who’ve eight years of expertise in sure industrial fields and their households can obtain F-2 visas that allow them to work right here for 3 years earlier than turning into eligible to use for everlasting residency, in keeping with the Workplace for Authorities Coverage Coordination’s International Workforce Coverage Committee.
“Using overseas labor now not an possibility, however a necessity, for us to adapt to demographic and financial adjustments and vitalize our financial system and society,” performing President and Finance Minister Choi Sang-mok mentioned throughout a gathering at Authorities Complicated Seoul. “Outfitted with world-class expertise, we must always create the absolute best atmosphere for expert overseas staff to develop and settle right here.”
Potential candidates should have superior levels from one of many prime 100 universities and a minimal three years of labor expertise at one of many prime 500 corporations. Additionally, their annual remuneration given by corporations right here must be not less than thrice greater than the nation’s gross nationwide revenue per capita — roughly 140 million gained or greater ($96,000).
Additionally to make Korea a extra enticing vacation spot for younger overseas staff, the federal government plans to present D-10 visas to graduates from prime college science packages to permit them to freely seek for job alternatives right here for as much as two years.
The specifics of this system, resembling what standards can be used to find out the highest faculties, shall be introduced later when the visa is formally launched within the coming weeks.
The federal government expects the brand new visa program to assist Korean corporations keep aggressive in world markets. Korea, one of many main gamers in areas like semiconductors, has been attempting to broaden overseas labor influx in recent times amid its inhabitants lower. Information reveals its home inhabitants has declined for 5 consecutive years and can proceed to fall for a few years to come back as a result of a persistently low birthrate.
The American Chamber of Commerce in Korea (AMCHAM) welcomed the initiative, saying it might assist Korea strengthen its attraction as a worldwide hub for expertise and innovation.
“By offering a transparent and expedited pathway for extremely expert professionals and their households, Korea is sending a robust message that it’s open for enterprise and dedicated to fostering an atmosphere the place innovation and funding can thrive. This initiative won’t solely assist tackle important expertise shortages in key sectors but additionally encourage long-term contributions from world consultants,” AMCHAM Korea Chairman and CEO James Kim advised The Korea Instances following the announcement.
“AMCHAM totally helps this forward-thinking method, which aligns with our mission to place Korea as a premier regional headquarters and a extra enticing vacation spot for world companies and expertise. The additional benefit of simpler entry to Korea from a few of the lesser-known nations will additional broaden the expertise pool, fostering a extra various and dynamic enterprise atmosphere.”
Worldwide college students communicate with HR officers at a job truthful in Busan, Sept. 27, 2024. Newsis
To draw younger staff from different nations, the federal government will even introduce a “youth dream visa,” by means of which “younger nationals of pleasant nations” can obtain job trainings and reap the benefits of internship alternatives and probably job alternatives right here.
Consistent with this objective, the Ministry of Justice is reviewing purposes from native authorities, which search to vitalize regional economies by inviting extra overseas college students and staff amid years of outflow of younger Koreans shifting to cities.
Significantly, the central authorities is eager to draw overseas staff to caregiving, one of many areas the place a severe labor scarcity is predicted within the coming years. By 2028, Korea is anticipated to wish extra 116,000 caregivers for its rising inhabitants of older adults.
Officers mentioned they’ll launch a state-run program by means of which extra overseas nationals can come to Korea to turn out to be caregivers.
In the meantime, the federal government mentioned it can step up efforts to embrace overseas residents as members of society, as their numbers are anticipated to proceed growing sooner or later.
For training on Korea’s language, tradition and authorized system, the federal government will strengthen assimilation packages, significantly for younger overseas residents, it famous.
