‘Busan-Ulsan-South Gyeongsang Cross-Regional Talent, Settlement and Future Linkage Project’ Launches, Expected to Lay Foundation for Southeastern Economic Community

【Financial News, Ulsan = Choi Su-sang】 The ‘Busan-Ulsan-South Gyeongsang Cross-Regional Talent, Settlement and Future Linkage Project’ was launched on the 8th. Centered on talent development, youth settlement and corporate cooperation in Busan, Ulsan and South Gyeongsang Province, the project aims to overcome the risk of regional extinction and build a southeastern economic community.
The project aims to benefit a total of 2,451 young people and workers in the region, including 536 through job creation, 400 through settlement assistance, 1,350 through housing and residential support, and 165 through talent development.

The project consists of three major themes—‘Talent Linkage,’ ‘Settlement Linkage’ and ‘Future Linkage’—and seven detailed programs.
First, the Talent Linkage programs focus on housing stability and asset building for young people moving into the region. The ‘Busan-Ulsan-South Gyeongsang Welcome Youth Integrated Support Package,’ operated by the Busan Employers Federation, will provide each household with up to 10 million to 20 million won in settlement costs, including rent. It will also help incoming talent build assets through savings of up to 40 million won over 24 months. The ‘Youth Workers’ 20 Million Won Achievement Savings Program,’ led by Korea Career in South Gyeongsang Province, will likewise provide up to 20 million won in savings over 24 months for local talent to encourage settlement.

The Settlement Linkage sector, which supports the largest number of people—1,350—will be implemented by the Ulsan Chamber of Commerce and Industry through the ‘Busan-Ulsan-South Gyeongsang Cross-Regional Commuting Workers’ Work and Life Settlement Package Support’ program. Cross-regional commuters in Busan, Ulsan and South Gyeongsang Province will receive commuting subsidies of 300,000 won per month for six months, or up to 1.8 million won. They will also receive 500,000 won in ‘Sangsaeng Well-Life Pay,’ a local currency based on their workplace location, to support workers’ mobility. In addition, the Busan Economic Promotion Agency plans to hold large-scale employment events, including the ‘Mobile Job Bus’ and the ‘Cross-Regional Job Fair,’ with the goal of creating 300 jobs.


The Future Linkage programs will also get underway to improve the structure of regional industries and establish sustainable governance. Through the ‘Corporate 3T Cooperation Partnership,’ which supports joint research and supply-chain cooperation among companies in Busan, Ulsan and South Gyeongsang Province, the Busan Employers Federation will provide companies with 15 million won in project funding for each young person hired, up to 45 million won per company. The Korea Foundation for Quality will provide training and consulting under the ‘Cross-Regional Manufacturing MEGA-AX Core Talent Development’ program in line with the digital transformation era, with the goal of training 165 people. The Busan Human Resources Development Council will oversee cross-regional governance to advance the project as a whole.
An Ulsan Metropolitan City official explained, "This Cross-Regional Linkage Project will be carried out on a total budget of 12.5 billion won, including 10 billion won in national funds and 2.5 billion won in local funds." The official added, "Ulsan Metropolitan City will contribute 4.16 billion won, while Busan Metropolitan City Government and South Gyeongsang Province will each contribute 4.17 billion won to provide region-specific employment services and improve settlement conditions."
[email protected] Choi Su-sang Reporter