South Korea has announced a series of incentives aimed at attracting foreign scientists to develop new growth drives, particularly in the field of artificial intelligence (AI). The Ministry of Science and ICT has introduced the K-Tech Pass Program, which includes a 50% reduction in income taxes for foreign scientists. The program aims to lure 1,000 top-tier overseas scientists by 2030, while also providing support for local researchers in science and engineering sectors.
As part of the initiative, the government plans to offer special visas to foreign scientists and increase the limit on loans for jeonse, lump-sum housing leases, to match the cap for locals. Additionally, the country will extend support to the families and domestic helpers of these scientists. These measures come in response to concerns over a shortage of scientists for future industries, particularly in the field of AI, as the government focuses on increasing the number of medical doctors.
South Korea aims to enhance collaboration between local and foreign scientists, with a target of reaching a total value of 2 trillion won ($1.5 billion) in joint research projects by 2028. Partnerships with globally renowned institutions such as the Massachusetts Institute of Technology, Yale University, and the Johns Hopkins University will be instrumental in achieving this goal. Furthermore, the government plans to establish a 2 trillion won fund by 2030 to support strategic investments, including the acquisition of foreign companies.
To foster domestic talent, the country intends to provide scholarships of 5 million won to 1,000 students pursuing masters in science and engineering each year. Prominent universities, including the country’s top research-focused institution, will also increase their hiring of postdoctoral researchers by 3,000 over the next decade. Moreover, the government aims to create opportunities for experienced scientists to utilize their knowledge and expertise after retirement, including re-employment, collaboration with smaller companies, and participation in official development assistance programs.