Global Economic Times

Overseas Koreans Agency to Boost Financial Support for Korean Diaspora Organizations by 100-Fold, Aiming to Foster Next Generation Leaders and Energize Private Sector Diplomacy: KO YONG-CHUL Reporter / Updated : 2025-06-12 18:07:19

Phnom Penh – The Overseas Koreans Agency announced its plan to increase its support budget for Korean organizations by 100 times for the next year compared to this year, drawing significant attention from Korean communities worldwide. Kim Min-chul, Director-General of the Overseas Koreans Agency's Exchange and Cooperation Bureau, revealed this groundbreaking support plan while elaborating on the new government's overseas Koreans policy direction at the '2025 Asia Korean Federations Convention & Asia Korean Businessmen's Convention in Cambodia' held in Phnom Penh on June 11.

This announcement marks the first instance of a government official concretely outlining the Lee Jae-myung administration's overseas Koreans policy direction in an official setting, signifying the government's strong commitment to supporting the overseas Korean community. Director-General Kim, attending in place of Overseas Koreans Agency Administrator Lee Sang-deok, delivered not just a customary congratulatory speech but spent about 10 minutes explaining the four major directions of the new government's overseas Koreans policy.

New Government's Overseas Koreans Policy: Four Key Directions

Director-General Kim presented four main pillars for the new government's overseas Koreans policy.

First, strengthening the rallying of overseas Koreans' capabilities and support for federations. Director-General Kim acknowledged the significant power demonstrated by the overseas Korean community in the recent presidential election. He stated that the government plans to support the effective consolidation of these capabilities, primarily through continental federations and the World Federation of Korean Associations. This indicates an intention to consolidate dispersed overseas Korean capabilities and expand support for central organizations to create synergy. In particular, the agency plans to actively support capacity-building projects, including next-generation integration and network formation, to help young Koreans overcome difficulties in stepping to the forefront of the Korean community.

Second, active support for the private diplomacy activities of Korean organizations. The government plans to actively invest more budget and expand support for the private diplomacy activities already vigorously pursued by Korean organizations. The aim is to help these organizations contribute to enhancing Korea's international standing and expanding its influence in the global community. This demonstrates the government's recognition of overseas Koreans not merely as recipients of support but as a crucial pillar of Korean diplomacy.

Third, revitalizing the overseas expansion of domestic small and medium-sized enterprises (SMEs) and product introductions using the Korean business (Hansang) network. Director-General Kim emphasized that the purpose of the Asia Korean Businessmen's Convention is to facilitate the overseas expansion and product introduction of domestic SMEs. He affirmed the government's commitment to providing unstinting support to activate these activities, focusing on continental federations. This strategy aims to actively utilize the capabilities of overseas Korean entrepreneurs to expand the overseas markets for domestic companies, thereby contributing to Korea's economic development.

Fourth, emphasizing the nurturing of the next generation and attracting Korean talents. This aspect, also specified in the new government's pledges, focuses on attracting overseas Korean talents to Korea and supporting their stable settlement in the country. In particular, the plan includes expanding scholarship programs for talented individuals, such as Koryo-in and CIS region Koreans, to study in Korea. After graduation, internship programs linked with domestic companies will be provided to offer opportunities for them to contribute to Korean society. The agency plans to concretize these projects in cooperation with the World Federation of Korean Associations and provide financial backing.

Will a 100-Fold Budget Increase Drive Change in the Korean Community?

Director-General Kim stated that to support these policy directions, the agency has submitted a budget request to increase support for the World Federation of Korean Associations and continental federations by approximately 100 times next year compared to this year. While it remains uncertain whether the entire budget will be allocated, this signifies the new government's commitment to comprehensive support for the overseas Korean community. It suggests that the Overseas Koreans Agency, marking its first anniversary, has reached a new turning point in its overseas Koreans policy.

If this budget increase materializes, the overseas Korean community is expected to undergo significant changes in various areas, including the nurturing of next-generation leaders, strengthening private diplomatic capabilities, and expanding economic exchanges. Furthermore, the role and status of the Overseas Koreans Agency are also projected to be further solidified. Korean communities worldwide are closely watching to see what outcomes the Lee Jae-myung government's overseas Koreans policy will bring.