SEOUL: The Seoul city government announced Monday it will invest 250.6 billion won (US$184.8 million) over the next five years to attract foreign talent and businesses, aiming to boost the city’s global competitiveness, Yonhap News Agency reported.

The plan, announced by Seoul Mayor Oh Se-hoon, came amid an increasing foreign population in Seoul, with foreign residents accounting for 440,000, or 4.7 percent, of the capital’s population, raising the need to incorporate foreigners into the city’s workforce.

The project is primarily centred on attracting some 1,000 foreigners with master’s or doctoral degrees in science and engineering in cooperation with major universities and aims to encourage 100 global firms preferred by foreign talent to relocate to Seoul.

By 2030, the city also plans to establish a startup assistance centre in central Seoul aiming to host over 100 foreign startups seeking to expand into Seoul and the broader Asian market.

The plan also includes attracting foreign direct investment and
helping foreign students in Seoul find jobs at startups and artificial intelligence firms or launch their own startups.

The plan also focuses on bringing in and nurturing the foreign workforce in sectors facing labour shortages, such as caregiving, child care, dining and hotel services.

Source: Emirates News Agency