Ireland eyes closer ties to Korean universities as it woos international students

Diplomacy

Published: 31 Oct. 2023, 11:18 Updated: 31 Oct. 2023, 17:44

Ireland eyes closer ties to Korean universities as it woos international students

Simon Harris, Minister for Further and Higher Education, Research, Innovation and Science in Ireland, talks during an interview with reporters on Oct. 25 at the Dublin Castle in Ireland. [LEE TAE-HEE]

DUBLIN — Ireland plans to sign more partnerships with Korean universities to invite talented researchers, utilizing financial support and multinational tech corporations to attract international students.

"We will see more examples of partnerships between Irish universities and universities in Korea, whether it is commitments to renew existing partnerships and some new ones in science," said Simon Harris, Minister for Further and Higher Education, Research, Innovation and Science in Ireland.

"Our way of proceeding will be through partnerships, looking at aspects like our Horizon Europe program, but also looking at other frameworks and opportunities."

The country is seeking partnerships with universities specializing in science and research, with many to be signed during the current trade mission led by Irish Prime Minister Leo Varadkar.

Apart from partnerships, the country also aims to invite many students to Ireland. Being the only English-speaking country in the European Union (EU) after Brexit, it hopes the language advantage will make the country more attractive to the international population.

Another opportunity is Innovate for Ireland, funding Ph.D. scholars from both Ireland and countries abroad who are willing to study in research areas such as such as climate change, global health and cybersecurity. A stipend of 28,000 euros ($29,600) will be given to the selected scholars.

"Our universities have really good links with industries, such as local industries, businesses from abroad and small local Irish businesses," Minister Harris said. "I know there's an awful lot of people who come to study and stay, perhaps because of the location of big firms offering career opportunities."

Companies such as Apple, IBM and Microsoft have opened overseas offices in Ireland, attracted by the country's low corporate tax rate of 12.5 percent.

Offices have large amount of employees, with Apple's Cork campus employing around 6,000 people, IBM employing 3,000 across Dublin, Cork and Galway and Microsoft's offices in Dublin and Belfast employing 3,500.

Low corporate tax was one advantage, but it will rise in the future.

Ireland currently has a corporate tax rate of 12.5 percent, but it will rise to 15 percent starting January next year for companies with an annual revenue of 750 million euros or higher. The change follows the EU's minimum tax directive which sets the minimum tax rate to 15 percent, although companies with annual revenue lower than 750 million euros will still be able to enjoy the 12.5 percent corporate tax.

Higher tax rates may disrupt attractiveness for foreign investment, but Ireland plans to prepare for the future through new funds.

Michael McGrath, Minsiter for Finance, talks during an interview with reporters on Oct. 25 at the Dublin Castle in Ireland. [LEE TAE-HEE]

"We are benefiting from significant corporation tax receipts, and we do believe that a large proportion of those receipts might not be repeated in the future," said Michael McGrath, Minister for Finance. "That is why we decided in the recent budget to establish funds to help protect our country in the future."

One of the funds is the Sovereign Wealth Fund, also known as the Future Ireland Fund.

Between 2024 and 2035, Ireland will invest 0.8 percent of its GDP into the fund. The finance ministry estimates the fund will grow to around 100 billion euros by 2025, and the fund will be withdrawn only after 2040 to be used for government expenditure.

Housing shortages is another problem Ireland faces, fueled by increased immigration from EU countries, refugees from Ukraine and more international students arriving for research programs.

Its population was 5.28 million as of April 2023, up 1.9 percent on year. Of the total population, 141,600 were immigrants, with 29,600 returning Irish citizens, 26,100 other EU citizens and 4,800 U.K. citizens. Another 81,100 are from other countries, with Ukrainians making up for a large portion of that with 79,925 arrivals.

"Next year, there will be more than 5 billion euros of public capital available for the provision of housing that will help us to build more public homes," Minister McGrath said. "That would be complemented by probably another 10 billion or so from the private sector to deliver private homes as well."

"The target this year for the ‘housing for all program’ is 29,000 new units, and we recognize that we need probably need more than 40,000 units a year."

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]