The Seoul Metropolitan Government has announced plans to inject 250-point-six billion won, or around 185 million U.S. dollars, over the next five years to attract foreign talent and businesses to the city and support their stable settlement.

Seoul Mayor Oh Se-hoon said Monday that in order for the South Korean capital to be included among the top five global cities, it should be inclusive with regard to the maximum utilization of ideas, capital and human resources capacity of foreign residents.

Under its master plan foreign resident policy, the city government plans to attract one-thousand people with master's and doctoral degrees in natural sciences and engineering through grants to universities and scholarships, as well as global companies and tech unicorns by operating startup support centers.

Seoul City will also seek to bring in foreign workers to find jobs in industries experiencing a shortage of domestic labor, such as nursing for the elderly, childcare, food services and lodging, and to foster foreign talent in the K-beauty and fashion industries.

The city government is set to establish an global urban policy director general office in July to oversee enforcement of the master plan and to strategically establish policies concerning foreigners and immigration.