S.Korea to offer incentives to attract foreign scientists

South Korea will offer incentives including a 50% income tax cut to attract foreign scientists to develop new growth drivers such as artificial intelligence for Asia’s fourth-largest economy amid its falling population.

The Ministry of Science and ICT unveiled the K-Tech Pass Program, measures to lure 1,000 top-tier overseas scientists by 2030, along with steps to support local researchers in the science and engineering sectors.

The government plans to provide special visas for the foreign scientists while increasing their limit on loans for jeonse, lump-sum housing leases in the country from the 200 million won limit for all foreigners to the cap for locals of 500 million won ($381,100). The country is also poised to support their family and domestic helpers.

The move came amid growing concerns over the country's lack of scientists for future industries such as AI as the government has sought to increase the number of medical doctors but the population keeps falling.

FUND FOR STRATEGIC INVESTMENTS

The country aims to ramp up the value of joint research between local and foreign scientists to 2 trillion won ($1.5 billion) in total by 2028 from 100 billion won this year in partnerships with globally renowned schools such as the Massachusetts Institute of Technology, Yale University, the Johns Hopkins University.

The government plans to raise 2 trillion won in a fund by 2030 dedicated to supporting strategic investments such as acquisitions of foreign companies.

To foster domestic scientists, the country plans to offer scholarships of 5 million won to 1,000 students in masters of science and engineering a year in addition to support for their living expenses.

The Korea Advanced Institute of Science and Technology, the country’s top university focusing on research and development, and other major local colleges plan to raise their hiring of postdoctoral researchers by 3,000 in the next 10 years.

The government is poised to take measures for experienced scientists to use their knowledge and know-how after their retirements by providing them with opportunities for re-employment, working with smaller companies and participating in official development assistance programs.

“We will create an environment where science and technology talent can work with pride and fair compensation for their efforts,” said Minister of Science and ICT Yoo Sang-Im.

Write to Hae-Sung Lee at ihs@hankyung.com
 
Jongwoo Cheon edited this article.