Gov't allocates budget to attract foreign talent following US visa fee hike
President Lee Jae Myung, left, speaks during a Cabinet meeting at the presidential office in Seoul, Tuesday. Joint Press Corps
The government assigned 5.12 billion won ($3.58 million) from its reserve fund Tuesday to support programs aimed at attracting foreign talents after the United States' decision to raise visa fees for professionals.
The spending plan was approved during a Cabinet meeting presided over by President Lee Jae Myung.
The government said the budget will be used for promotional programs to attract skilled foreign workers in response to the U.S. visa policy change.
Last month, U.S. President Donald Trump signed an executive order imposing a $100,000 fee for applicants to the H-1B visa program for highly skilled professionals.
Following the decision, Lee's office instructed relevant ministries to explore ways to recruit skilled scientists and engineers affected by the new U.S. visa policy.