On the 3rd, the Small and Medium Enterprises and Startups Agency (KOSME), under the Ministry of SMEs and Startups, announced a new initiative this year to match approximately 800 foreign professionals with small and medium-sized enterprises hoping to hire them and international students hoping to work domestically.
On the same day, Jo Han-kyo, director of workforce growth at KOSME, met with reporters in Yeongdeungpo-gu, Seoul, and noted, "As you go to local areas, corporations find it increasingly difficult to find people," adding, "KOSME aims to diversify the talent pool to help corporations hire the right people at the right time."
Currently, the database of foreign students that KOSME has secured in collaboration with local governments and universities is approximately 5,000 individuals, with a budget set at 3 billion won. KOSME plans to first investigate the demand for foreign professionals among small and medium-sized enterprises, then enhance the capabilities of international students, and support all stages up to matching them with employment.
Director Jo also stated that the agency plans to expand support for the 'corporate contract departments' to strengthen training for existing employees, noting that finding talent in advanced industries such as artificial intelligence (AI) and digital transformation (DX) is increasingly challenging.
He remarked, "By collaborating with local universities, we will operate 91 contract departments, enabling over 1,400 employees of corporations to obtain degrees or enhance their capabilities in research and development (R&D) and in responding to industrial changes."
Additionally, KOSME announced that it has lowered the minimum duration for preferential savings deductions for employees of small and medium-sized enterprises from five years to three years to encourage their long-term employment.
The savings deduction program allows employees of small and medium-sized enterprises to save up to 500,000 won each month, with the corporations supporting 20% of the employees’ contributions, which are fully paid out upon maturity. There were many instances where individuals could not meet the five-year participation period, leading to the adjustment to allow participation starting from three years.
In the program aimed at fostering innovative young entrepreneurs, a global track has been newly established. The plan is to provide comprehensive support for the global expansion of young entrepreneurs in their early startup phases across new industries, super-gap sectors, K-beauty, and traditional manufacturing.
The young entrepreneur center is KOSME's flagship startup support program targeting young entrepreneurs aged 39 and under who possess promising items and innovative technology and are in their first three years of business.
Director Jo explained, "The biggest challenges for corporations are funding and personnel shortages," adding, "This year, we will focus on enhancing capabilities to respond to new technologies such as AI and changes in the global environment."