Acting President and Finance Minister Choi Sang-mok speaks during a meeting on foreign workforce policies at Government Complex Seoul, Wednesday. Yonhap

Korea will introduce a new visa program later this month to provide stable stays and speedy visa processes for foreign professionals in high-tech areas such as semiconductors and electric vehicle batteries, the government said Wednesday.

This move comes as global competition heats up to recruit experts and companies to lead in the development of future technologies such as artificial intelligence, quantum computing and advanced manufacturing.

Under the “top-tier visa” system, foreign professionals who have eight years of experience in certain industrial fields and their families can receive F-2 visas that permit them to work here for three years before becoming eligible to apply for permanent residency, according to the Office for Government Policy Coordination's Foreign Workforce Policy Committee.

“Utilizing foreign labor no longer an option, but a necessity, for us to adapt to demographic and economic changes and vitalize our economy and society,” acting President and Finance Minister Choi Sang-mok said during a meeting at Government Complex Seoul. “Equipped with world-class technology, we should create the best possible environment for skilled foreign workers to grow and settle here.”

Potential candidates must have advanced degrees from one of the top 100 universities and a minimum three years of work experience at one of the top 500 companies. Also, their annual remuneration given by companies here should be at least three times more than the country's gross national income per capita — approximately 140 million won or higher ($96,000).

Also to make Korea a more attractive destination for young foreign workers, the government plans to give D-10 visas to graduates from top university science programs to allow them to freely search for job opportunities here for up to two years.

The specifics of the program, such as what criteria would be used to determine the top schools, will be announced later when the visa is formally launched in the coming weeks.

The government expects the new visa program to help Korean companies stay competitive in global markets. Korea, one of the leading players in areas like semiconductors, has been trying to expand foreign labor inflow in recent years amid its population decrease. Data shows its domestic population has declined for five consecutive years and will continue to fall for many years to come due to a persistently low birthrate.

The American Chamber of Commerce in Korea (AMCHAM) welcomed the initiative, saying it would help Korea strengthen its appeal as a global hub for technology and innovation.

“By providing a clear and expedited pathway for highly skilled professionals and their families, Korea is sending a strong message that it is open for business and committed to fostering an environment where innovation and investment can thrive. This initiative will not only help address critical talent shortages in key sectors but also encourage long-term contributions from global experts,” AMCHAM Korea Chairman and CEO James Kim told The Korea Times following the announcement.

“AMCHAM fully supports this forward-thinking approach, which aligns with our mission to position Korea as a premier regional headquarters and a more attractive destination for global businesses and talent. The added benefit of easier access to Korea from some of the lesser-known countries will further expand the talent pool, fostering a more diverse and dynamic business environment.”

International students speak with HR officials at a job fair in Busan, Sept. 27, 2024. Newsis

To attract young workers from other countries, the government will also introduce a “youth dream visa,” through which “young nationals of friendly countries” can receive job trainings and take advantage of internship opportunities and possibly job opportunities here.

In line with this goal, the Ministry of Justice is reviewing applications from local authorities, which seek to vitalize regional economies by inviting more foreign students and workers amid years of outflow of young Koreans moving to cities.

Particularly, the central government is keen to attract foreign workers to caregiving, one of the areas where a serious labor shortage is expected in the coming years. By 2028, Korea is anticipated to need additional 116,000 caregivers for its growing population of older adults.

Officials said they will launch a state-run program through which more foreign nationals can come to Korea to become caregivers.

Meanwhile, the government said it will step up efforts to embrace foreign residents as members of society, as their numbers are expected to continue increasing in the future.

For education on Korea's language, culture and legal system, the government will strengthen assimilation programs, particularly for young foreign residents, it noted.