South Korea to introduce ‘top-tier visa’ to attract foreign talents in high-tech industries
South Korea will introduce a new visa program aimed at attracting young foreign talent in high-tech industries as part of the government's broader efforts to secure a creative workforce that can drive economic growth in an increasingly competitive global market, acting President Choi Sang-mok said Wednesday, Yonhap reports.
During a meeting of a government committee on policies for foreigners, the government announced plans to launch the "top-tier visa" later this month.
This new visa is designed to attract highly skilled professionals in key high-tech sectors, including semiconductors, displays, secondary batteries, biotechnology, robotics and defense, by offering immigration and residency benefits.
Those who have a master's or doctoral degree from one of the world's top 100 universities, eight years of work experience, including at least three years at a global top 500 company, an annual income of at least 140 million won (US$100,000) and a plan to work at a high-tech company in Korea are eligible for the new visa program.
"As we adapt to demographic and economic changes, attracting foreign talent is no longer an option but a necessity for revitalizing our economy and society," Choi said.
"With our world-class technology and dynamic economy, we must create the best possible environment for global talent to settle, grow and drive innovation."
He said the South Korean government will also give full administrative and financial support to help foreign professionals and their families integrate smoothly into the country.
Earlier, it was reported that U.S. President Donald Trump has announced the country will sell a ‘$5 million gold card’ to wealthy foreigners, allowing them to live and work in the country with a path to citizenship.
