Korea, US to nurture young STEM experts

President Yoon Suk Yeol and U.S. President Joe Biden pose before a joint press conference at the White House in Washington, D.C., Wednesday (local time). Korea Times file

By Lee Kyung-min

Korea and the U.S. have launched a joint initiative to nurture 2,023 young experts in the fields of science, technology, engineering and mathematics (STEM), the trade ministry said Thursday.

The Ministry of Trade, Industry and Energy said that under the Korea-U.S. Educational Exchange Initiative for Youth in STEM, the two countries will invest $30 million (40 billion won) each for the education and training of young students pursuing professional careers in STEM. This includes semiconductors manufacture, batteries and displays as well as bio, artificial intelligence (AI) and quantum physics.

The investment total of $60 million is a commitment of President Yoon Suk Yeol and U.S. President Joe Biden on the occasion of their summit this week in Washington, D.C. It also celebrates the 70th anniversary of the two countries' alliance.

The two have agreed to establish the Fulbright STEM Scholars Exchange Program to the tune of $15 million. The amount is for nurturing future experts in the high-tech industries, mostly in the form of scholarships for master's and doctoral degrees as well as research work thereafter.

About 100 undergrad and graduate students in Korea will be able to earn master's and doctoral degrees in the United States. And around 100 U.S. students will be able to do so in Korea.

President Yoon Suk Yeol, right, shakes hands with U.S. President Joe Biden at Samsung Electronics' Pyeongtaek manufacturing plant in Gyeonggi Province, May 20, 2022. Korea Times file

The two countries will promote exchange programs for science and engineering majors. The students will be able to advance their interests in and understanding of research in the high-tech industries.

Stays of up to one year will be granted to students depending on their areas of interest, whether they be academic research or business activities.

Young U.S. students staying in Korea will have the opportunity to study Korean language and culture, as provided by programs at state-run and private institutes affiliated with leading universities.

“The initiative will be not only an opportunity for young people in both countries to broaden their understanding and knowledge of growth driver industries and science and technologies but also to serve a special experience for promoting the understanding of the culture, history and languages of both countries,” the ministry said.

Fulbright is a scholarship program operated between the U.S. and over 160 countries for academic and research exchange.

It was proposed and launched by U.S. Senator J. William Fulbright who believed that educational and cultural exchanges are key to promoting world peace.

He proposed a bill to financially support exchanges between the U.S. and countries around the world utilizing funds from the sale of military surplus, according to Fulbright Korea.

Korea became one of the first 20 countries in the world to establish a Fulbright agreement for the financing of educational exchanges with the U.S.