South Korea plans to expand support for foreigners who establish a business here as part of efforts to attract more foreign talent into the country and thus help boost its economy, government officials said Friday.
Under the plan that focuses on better working and living environments for foreigners here, the government will set up a start-up assistant program where up to 70 percent of the cost for starting technology-based establishments will be subsidized.
Foreign entrepreneurs who set up a business on their own and those in partnership with local businessmen will be eligible for the support of up to 50 million won ($44,373), according to the Prime Minister’s Office.
“A detailed plan will be available in the second half, and we will choose ten firms to support this year,” said Shim Kyung-bo, the secretariat official in charge of the plan.
The government will also relax regulations on visa issuance.
Though the D-8 visa is now reserved for those confirmed to set up a venture firm here, the new rule will allow foreign entrepreneurs who earn a bachelor’s degree in science and engineering in South Korea or hold intellectual property rights, the officials said.
In a move to support Korean compatriots working in the field of the “creative economy” in South Korea, the government will relax relevant regulations to enable them to hold multiple citizenships, according to the officials.
As one of President Park Geun-hye’s key economic policies, the government’s new economic vision of promoting the creative economy aims to boost the economy by creating new business opportunities and jobs through the fusion of information technology, cultural and other realms.
“Policy measures about foreigners hold significance, as they can play a key role in boosting the national economy and competitiveness at a time when South Korea saw a decrease in the number of economically active population due to the chronically low birthrate,” Prime Minister Chung Hong-won said.
“Ministries concerned should work together along with experts to ensure that the measures bear fruits of creating more jobs, increasing the national income and vitalizing the overall economy.” (Yonhap News)
