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Leveraging 200K International Students: A New Path for South Korea's Growth

As per the Ministry of Justice's February 2023 report, South Korean universities now host over 200,000 international students. Of these, around 73% or 146,053 are pursuing undergraduate and postgraduate degrees, with the rest engaged in non-degree programs like language studies.


This statistic marks a significant, approximately twentyfold surge from the 10,000 international students recorded about twenty years ago. With the target of accommodating 300,000 foreign students and the roll-out of the Study Korea 3.0 strategy, the country is demonstrating a comprehensive commitment to revitalizing its society and economy through international inclusivity.


A recent op-ed by a professor from a South Korean research university highlighted the considerable proportion of international students in the engineering research workforce of domestic universities. He posited that their departure would be detrimental to the nation. So, what could persuade them to remain in South Korea? If they were given opportunities to engage economically and live fulfilling lives, much like the numerous Korean students who find success abroad, they may not feel the need to return to their home countries.


While the government's reported labor shortage seems to mainly refer to manual labor, the creation of an environment that encourages internationally-educated students to remain and contribute could broaden their impact beyond just the primary and secondary sectors.


In 2022, the roughly one million foreign students in the United States generated 335,000 jobs and $33.8 billion (around 44 trillion KRW) in economic value. There was also a significant increase in the number of "unicorns", or companies valued at over a billion dollars, founded by international students, rising from 21 in 2018 to 143 in 2022. These students originated from 57 diverse countries.


Despite the absence of substantial statistics, it's worth considering the potential contributions of the 200,000 international students studying in South Korea to our social and economic development. Wouldn't it be strategic to view the projected growth to 300,000 foreign students as a central aspect of our national strategy for talent attraction and utilization?


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* Disclaimer

This content is a translation of an article originally published in Korean on the Maeil Business Newspaper, a major media outlet in South Korea, in July 2023. For the original article, please visit https://www.mk.co.kr/news/contributors/10781055.

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