Seoul Metropolitan Gov't to invest $470 million in local universities

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Seoul Metropolitan Gov't to invest $470 million in local universities

Published: 18 Jun. 2024, 16:41

CHO JUNG-WOO
cho.jungwoo1@joongang.co.kr

Seoul Mayor Oh Se-hoon speaks about plans to invest in universities during a press conference held at City Hall in downtown Seoul on Tuesday. [YONHAP]

Seoul plans to invest at least 650 billion won ($470 million) into 54 universities in the city over five years to foster future talent and enhance its urban competitiveness. Restrictions on campus buildings will also be eased to make more efficient use of limited space, such as by relaxing the floor area ratio.

The city government’s plans come as the RISE project, which grants localities extended authority to support universities and improve the educational system, is set to begin next year. RISE, or Regional Innovation System and Education, is a major central government initiative to enhance university education and regional development in collaboration with local governments.

Seoul Mayor Oh Se-hoon on Tuesday announced the plan to invest at least 650 billion won from 2025 through 2029.

Around 130 billion won is anticipated to be spent annually, of which the city government aims to secure at least 100 billion won from the national budget. Each local government's budget for the RISE project will be decided in September.

"National competitiveness stems from universities," Oh stressed during a press conference at City Hall in downtown Seoul.

According to the city government, approximately 680,000 students attend the 54 universities in Seoul, resulting in 130,000 graduates yearly. About 75,000 international students are among them, with Chinese students comprising the largest group.

The city will allocate 60 billion won to 12 select universities to enhance global cooperation between academia and industry. The plan includes creating at least 60 startups targeting global markets.

Additionally, the five-year plan aims to foster 3,200 skilled individuals, including recruiting 1,000 international students for master’s and Ph.D. programs in STEM fields, as announced last month. Twenty universities are expected to participate in this project.

The city hopes to channel these foreign talents into small and mid-sized companies, which are in dire need of such support.

A rendered image of Hongik University's campus in Mapo District, western Seoul. The area's floor area ratio was alleviated after designating as a region dedicated to ″innovative growth.″ [SEOUL METROPOLITAN GOVERNMENT]

So-called contractual departments will be expanded at 20 graduate schools to better prepare students for immediate employment.

One example is Korea University’s Department of Communications Engineering, which has a contract with Samsung Electronics that guarantees jobs at the company after graduation.

Investment will also be made in creative industries, with plans to nurture 400 skilled individuals by injecting 16 billion won into eight schools.

At least 1,300 startups will be created through the campus town project, which fosters business development in collaboration with universities. Currently, 28 universities participate in this project.

The city also plans to support the development of university startups through its Seoul Vision 2030 Fund, which is expected to pool five trillion won by 2026.

Regarding urban planning, floor area ratios will be relaxed for construction dedicated to “innovative growth,” such as startup support and facilities for cutting-edge industries.

The supply of dormitories will also increase, with both the public and private sectors invited to construct and provide them.

Following an ordinance amendment last September, private companies are now allowed to build and offer dormitory rentals. These dorms will also be offered to tourists during vacations.

According to the Seoul mayor, dormitory supply will be a top priority if the RISE project budget covers it.

BY CHO JUNG-WOO [cho.jungwoo1@joongang.co.kr]