{"id":2205749,"date":"2024-07-10T17:53:53","date_gmt":"2024-07-10T08:53:53","guid":{"rendered":"https:\/\/koreapro.org\/?p=2205749"},"modified":"2024-07-11T18:20:05","modified_gmt":"2024-07-11T09:20:05","slug":"south-koreas-foreign-talent-push-faces-hurdles-amid-aging-workforce","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/07\/south-koreas-foreign-talent-push-faces-hurdles-amid-aging-workforce\/","title":{"rendered":"South Korea\u2019s foreign talent push faces hurdles amid aging workforce"},"content":{"rendered":"
South Korea\u2019s Ministry of Justice has <\/span>announced<\/span><\/a> an expansion of its Research Student (D-2-5) and Researcher (E-3) visa programs, aiming to attract global talent in science and technology fields.\u00a0<\/span><\/p>\n This policy shift allows top-ranked domestic universities to invite foreign undergraduate students as research students and waives E-3 visa experience requirements for holders of exceptional foreign master\u2019s degrees.<\/span><\/p>\n The expansion of the programs aims to address shortages in critical sectors due to the country\u2019s rapidly aging population and declining workforce.<\/span><\/p>\n But South Korea continues to face significant risks to its economic stability and growth due to broader challenges in attracting and retaining foreign talent across various industries \u2014 problems that the modest visa policy changes appear unlikely to solve.\u00a0<\/span><\/p>\n DEMOGRAPHIC PRESSURES AND RESPONSES<\/b><\/p>\n According to Statistics Korea\u2019s <\/span>2022-2072 population projections<\/span><\/a>, the country\u2019s population is expected to decline from 51 million in 2030 to 36 million by 2072. This trend includes a significant reduction in the working-age population (15 to 64 years), which is projected to shrink from about 34 million in 2030 to 16 million by 2072.<\/span><\/p>\n The declining workforce is a direct result of low fertility rates, which have decreased from 1.24 in 2015 to <\/span>0.72 in 2023<\/span><\/a>.<\/span><\/p>\n In response to these pressures, the South Korean government has implemented various policies to attract foreign workers. These include <\/span>expanding<\/span><\/a> the Employment Permit System for unskilled workers and visa programs for skilled professionals.<\/span><\/p>\n Additionally, the government published the <\/span>fourth Master Plan for Immigration Policy<\/span><\/a> (2023 to 2027) in January and the annual <\/span>Plan for Introducing Foreign Workers<\/span><\/a>. The latter plan expanded the number of foreign workers in the restaurant, forestry and mining sectors to 165,000 from 120,000 in 2023.<\/span><\/p>\n Despite the government\u2019s efforts at attracting foreign talent, key industries continue to experience <\/span>labor shortages<\/span><\/a>, particularly in high-tech and innovative sectors, which threatens to impede economic growth.<\/span><\/p>\n For instance, South Korea\u2019s labor ministry <\/span>reported<\/span><\/a> in Aug. 2023 that there was a shortage of 12,800 and 19,600 workers in the AI and big data sectors, respectively. This shortage is particularly critical in sectors like semiconductors, robotics and biotechnology, which are essential for maintaining the country\u2019s competitive edge.<\/span><\/p>\n