South Korea and the U.S. have agreed to spend $30 million each to boost academic exchanges among young people to nurture talents that will lead the advanced industry and science technology sectors.

According to the Ministry of Trade, Industry and Energy and the Ministry of Education on Thursday, Korean President Yoon Suk Yeol and U.S. President Joe Biden agreed on the Korea-U.S. Education Exchange Initiative for Youth in science, technology, engineering and mathematics during Yoon’s visit to the U.S. The initiative involves each country selecting 2,023 young people in the natural sciences and engineering field by 2027 and promoting exchanges.

Korea and the U.S. may expand the number of young people for the exchange if there is growing demand.

“The program will allow young people from both countries to broaden their knowledge on industry and science technology and deeply understand each other’s culture and history,” said an unnamed government official.

The special initiative will focus on areas such as semiconductors, batteries, biotechnology and artificial intelligence. Under the initiative, the two countries will spend $15 million to launch the Fulbright STEM Scholars Exchange Program that will support high-degree students engaged in the research in the advanced sectors. The program will allow 100 Korean students to complete graduate and doctorate degrees in the U.S.

In return, 100 researchers in the advanced fields from the U.S. will be supported to carry out research in Korean universities.

The Fulbright program is a scholarship program operated and supported by the U.S. government in 160 countries that aims to spur academic and research exchanges. In Korea, the two governments have worked together to support the studies of graduate students and research of professors and experts.

The latest Fulbright STEM Scholars Exchange Program is the largest program among Fulbright’s scholarship programs in the advanced technology sector.

Korea and the U.S. also agreed to promote a special exchange program for university students in natural sciences and engineering. The program will allow young people interested in the advanced technologies and hoping to seek career and research in the field to be engaged in on-the-spot study after accumulating related knowledge for up to one year at universities.

The U.S. will likely offer the opportunity for Korean students to experience chip design, quantum and space sectors, while Korea will offer chip processing, battery and display for American students.

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