Seoul: The government has earmarked 5.12 billion won (US$3.58 million) from its reserve fund to support initiatives aimed at luring foreign talent, following the United States' recent decision to increase visa fees for professionals. This budgetary allocation was approved during a Cabinet meeting presided over by President Lee Jae Myung.
According to Yonhap News Agency, the government intends to utilize the budget for promotional programs designed to attract skilled foreign workers in light of the U.S. visa policy change. The move comes after U.S. President Donald Trump signed an executive order last month, imposing a $100,000 fee for applicants to the H-1B visa program, which is tailored for highly skilled professionals.
In response to the U.S. decision, President Lee's office has directed relevant ministries to explore strategies for recruiting skilled scientists and engineers who may be impacted by the new U.S. visa policy. This initiative underscores the government's commitment to bolstering its workforce with international expertise amidst changing global visa regulations.