Seoul Mayor Oh Se-hoon gives a press briefing at Seoul City Hall on June 18, 2024. (Image courtesy of Yonhap)
SEOUL, Jun. 18 (Korea Bizwire) — The Seoul city government will invest 650 billion won (US$471 million) over the next five years to help universities nurture workforces to lead prospective future industries, Seoul Mayor Oh Se-hoon announced Tuesday.
The plan aims to boost the city’s global competitiveness by empowering universities in the capital with their workforce nurturing and research capabilities, with the broader goal of making Seoul one of the “top five global cities.”
As part of the project, 650 billion won will be provided to 42 universities from 2025-2029, or 130 billion won annually, to enhance cooperative projects between universities and companies and to encourage the nurturing of skilled workforces for future industries.
Of the total, 60 billion won will be allocated to 12 select universities during the period to finance projects focused on licensing and intellectual property development.
Another 50 billion won will be invested in two consortiums, composed of universities specializing in artificial intelligence and bioscience to boost synergies between the schools.
Through the investment, 42 universities will receive subsidies to seek closer academic and industrial cooperation with corporate entities.
The city will also seek to nurture 3,200 Korean and international talents in new technologies, including a plan to attract 1,000 foreigners with master’s or doctoral degrees in the natural science and engineering sectors.
The investment plan also includes removing unnecessary regulations to reduce barriers between universities and neighborhoods, allowing university spaces to be used for public purposes, such as cultural or musical events, and dormitories for foreign tourists.
A total of 10 universities, including Korea, Sogang and Yonsei universities, are currently participating in the shaping of the university-neighborhood project.
“The competitiveness of universities is the competitiveness of Seoul, as well as South Korea,” Oh said, adding that the plan aims to harness universities’ diverse and valuable resources as the growth engine for the city.
(Yonhap)
