Brain Drain: Korea Exports Human Capital
Human capital is the most important form of wealth in a knowledge-based economy. The success of a nation in today’s economy depends significantly upon how many highly skilled professionals it can secure and retain. Countries with more intellectual resources achieve a higher rate of economic growth and faster development in science and technology. If there are not enough skilled professionals domestically, the only alternative is to import them.
In the drive for human capital, many advanced countries are giving priority to policies aimed at attracting highly skilled immigrants and students. These countries invest large amounts of money and time in national programs that not only nurture domestic talents, but also attract skilled foreigners. Singapore has recently decided to implement a system similar to that of Canada and Scotland, where any university student or graduate from an advanced country can obtain a work visa. The United Kingdom and Australia have instituted similar reforms and will implement them shortly. The United States Congress voted a few years ago to increase professional working visas for foreigners with college degree and specialized skills. To remain competitive globally, a country needs to import talented workers or it will export jobs and industries