Secure tech talent
Scholarship planned for engineering graduate students; ‘top-tier’ visa to be issued next year
South Korea could grow by leaps and bounds thanks in part to its excellent human resources in science and technology. However, in an age of fierce global competition for technological advantage, it suffers from a shortage of talented STEM professionals.
The government and the ruling People Power Party held a meeting last Thursday to discuss the country’s decreasing pool of talent in science, technology and engineering. On the same day, the Ministry of Justice announced it would introduce what it labeled a “top-tier” visa to attract foreign talent in cutting-edge fields such as artificial intelligence, robotics and quantum technology. President Yoon Suk Yeol presided over the inaugural meeting of the AI committee.
Korea currently suffers from a serious brain drain in science and technology. About 340,000 professionals in these fields are said to have left Korea over the past 10 years. More spec
ifically, according to the International Institute for Management Development based in Lausanne, Switzerland, Korea’s ranking in its Brain Drain Index went from No. 24 in 2021 to No. 36 in 2023, mean- ing the tendency for highly educated people to leave the country worsened significantly in just two years.
Recently, top students are choosing medical school over science and engineering majors. After the government finalized its medical school ad- mission quota hike for 2025 in May, many first-year students in the departments of science and engineering reportedly took one or two semesters off to take the entrance exam again, apparently to enter medical school. In a situation where people feel they must emigrate or give up on studying sciences and engineering, there is no future for Korea in these fields.
The government and the ruling party agreed to push to provide 5 mil- lion won ($3,800) per capita annually in scholarship funds to 1,000 graduate students in sciences and engineering. Other measures they disc
ussed were not so concrete. Bolder and more creative policies are needed.
Of the 2.51 million residents of foreign nationality already living in Korea, 181,842 were international students as of the end of last year. It is important to give them more chances to work for Korean companies. The period during which they can look for jobs after graduation needs to be lengthened.
The Justice Ministry’s plan to launch top-tier visa next year is a step in the right direction. The aim of the visa pro- gram is to attract 100,000 or more elite tech professionals with a bachelor’s degree in science or engineering from a top-tier overseas university, who are already employed at a top university, company or research institute or who possess original technology recognized worldwide, within five years.
Korea’s working-age population is expected to decrease soon due to its falling fertility rate currently the lowest in the world for a country and rapid aging. The shrinking of the talent pool among Korean nationals is inevit
able. Attracting foreign geniuses is not a choice, but a must.
Most workers of foreign nationality in Korea are engaged in low-wage occupations. The recorded share of “experts” among foreign workers in the country was 13.7 percent late last year. Only about 42 percent of foreign students who obtained doctorates in Korea are said to have landed jobs in the country. It is necessary to employ more of them.
Major countries have long competed fiercely for talent via immigration. Some run visa programs to attract highly skilled professionals in science, technology, engineering and mathematics fields. Korea is now taking a first step.
Quick consultations among related agencies are required to determine the details of the top-tier visa program.
The Presidential AI Committee was launched with the objective of placing Korea among top three countries in the field. AI is widely viewed as a game changer in the global industrial ecosystem. The US, China, EU, UK, Canada and Israel are do- ing everything they can to comp
ete for the lead in the field.
Korea has been sluggish. Even the basic law to lay a legal foundation for the AI industry has been stalled in the National Assembly. It was neglected and ultimately scrapped in the last session, and little progress has been made in the current ses- sion. The most concerning major issue is brain drain. Talented engineering professionals, the backbone of AI, continue to leave the country for jobs at big tech companies in the US. To keep them working in Korea, at minimum, wages should be raised to a competitive level.
Now is the time to make all-out efforts. The government must try its best to stop the brain drain, allow for talented professionals to thrive here, as well as attract highly skilled experts. The Assembly must also process the basic AI law quickly.
Source: Yonhap News Agency