S.Korea, US to jointly invest $60 mn for student exchange programs

South Korea and the United States have agreed to jointly invest $60 million in the exchange of young professionals in the field of science and technology between the two countries, aiming to further strengthen cooperation in advanced industrial areas.

According to the joint statement released on Wednesday, each country will invest $30 million to promote a special exchange program for future talent in science, technology, engineering and mathematics (STEM) fields. In celebration of the 70th anniversary of the Korea-US alliance and the meeting of the two countries' leaders this year, a total of 2,023 young people from both countries will be targeted.

Named the "Korea-US Young Leaders Exchange Initiative in Science, Technology, Engineering and Math," this program will focus on areas such as semiconductors, batteries, biotechnology and artificial intelligence (AI). The two countries will first establish the $15 million "Fulbright Distinguished Awards in Advanced Science and Technology" program to mutually foster future talents in advanced fields and support doctoral and master's programs.

The Fulbright scholarship program, which is run and supported in 160 countries worldwide, is the largest ever in terms of funding. A hundred Korean undergraduate and graduate students will be supported to pursue advanced degree programs in the United States, and 100 US researchers in advanced fields will be supported to conduct research in Korea.

The program will also promote special exchanges for college students in STEM fields. It will provide opportunities for young people who have a strong desire to learn in-depth about advanced industries to gain specialized knowledge in related fields at universities for six months to one year and have opportunities for on-site visits and experiences.

The program will also provide opportunities for students to understand the languages and cultures of both countries. The two countries plan to finalize the program by 2024.

Write to Sul-Gi Lee at surugi@hankyung.com