Busan made a new local talented scholarship of about 10 billion won linked with three public institutions for the first time. In the severe situation of capital area centralization, with the efforts of the city and public institutions, we can now expect that students of PNU can also receive scholarships.

On March 17th, Busan and three public institutions signed the Busan Regional Talent Scholarship agreement. Through this agreement, the Korea Housing and Urban Guarantee Corporation (HUG) promised scholarships of 6 billion won for 20 years, the Korea Securities Depository (KSD) promised with 2 billion won for 10 years, and the Korea Housing Finance Corporation (KHFC) promised with 1.8 billion won for 10 years. HUG and KSD scholarships will start in this year's second semester, and KHFC will begin next year to select the scholarship holders. 

“Former Public Institution”, is part of the Infrastructure and Transport’s innovative city project by means that the public institution has moved to a local area in line with the strategy of resolving concentration in the capital area and specializing in regional development. Three institutions out of 13 public institutions that moved to Busan support this scholarship project. 

Busan plans to use the scholarship to nurture smart talent for regional innovation. All Busan college students who are in more than Junior year for a 4-year university (for 2-year college, higher than sophomore) will be selected as scholarship students regardless of excellent grades.

The scholarship holders can receive 150 million won per one semester, and 600 million won during four semesters. Moreover, an additional 500 million won will be paid in employment incentives for local talent scholarship recipients who work one to two years for a company in Busan after graduation. The number of scholarship recipients is expected to be 1,200 over the next 20 years. 

Ha Myung-Jun (Director General, Regional Industry-Academic Cooperation Division of Busan) said, “This scholarship will motivate students from other regions to go on to a local university in Busan. We expect that local scholarship students will be able to use their majors and talents to find employment in good companies in Busan and establish themselves in the area.”

Reporter Lee Yoon-Seo

Translated by Yun Chae-Eun