Deputy Prime Minister Choo Kyung-ho (right), who presided over a Cabinet meeting in Seoul on Tuesday, enters the meeting room with Foreign Affairs Minister Park Jin at the Government Complex Seoul. (Yonhap)

A new state-run agency dedicated to providing consolidated administrative support to some 7.3 million South Korean diaspora across the world will likely to be set up in June this year.

The new government body will be carved out of the Foreign Ministry and be tasked with creating and implementing state policies aimed at supporting Korean diaspora, according to the bill to revise the Government Organization Act, endorsed by the Cabinet at a meeting on Tuesday.

This means the first government reorganization of President Yoon Suk Yeol's administration will be promulgated within a week following presidential approval, and will come into effect three months later. A day earlier, the bill passed the plenary session of the National Assembly, with 266 out of 272 lawmakers present voting in favor.

The new sub-ministry-level agency will replace the Overseas Koreans Foundation, which is currently in charge of diaspora engagement with a budget of 70 billion won ($53 million) in 2022.

According to the bill, the new agency will deal with projects to promote the education of Korean language, history and culture, as well as scholarships for Korean descendants living abroad, among other activities.

It will also undertake some diaspora-related tasks by the Ministry of Foreign Affairs. Those emigrating from Korea will need to file for emigration and submit a certificate of tax payment to the new agency. Those looking to start business affairs concerning emigration such as soliciting emigrants will register to the new agency.

Also, the agency will handle affairs enshrined in special laws for Korean descents from ethnic groups with a history of being displaced in regions such as Central Asia and Sakhalin Island, Russia.

Central and regional governments will have to request information related to ethnic Koreans overseas and emigration activities from the new agency.

The new agency's chief has a right to approve activities to help out Koryoin people living in Central Asia, and assist Korean descents in Sakhalin with their permanent return and settlement to Korea.

The news has triggered a competition among municipal governments over which city would host the headquarters of the new agency.

Cities such as the port city of Incheon, and Gwangju, home to Korea's biggest Koryoin town with some 7,000 residents, have openly entered the bid to host the new agency. Also mulling the bid is Ansan, Gyeonggi Province, where some 90,000 foreigners, including 40,000 Korean descents, live. The Overseas Koreans Foundation is located in Jeju Island.

President Yoon Suk Yeol (center) and ministers enter the state guest house of Cheong Wa Dae on Thursday. (Yonhap)

Enhancing the role of a government body to support Korean diaspora was President Yoon's campaign promise in 2022. The revision was proposed by 115 lawmakers of the ruling People Power Party in October 2022 following the government's declaration to do so.

With the revision, meanwhile, an upgrade to the Ministry of Patriots and Veterans Affairs to have a full-fledged ministry status will come into effect in June. It represents the first such promotion in over six decades.

As a result, the Korean government will comprise 19 ministries, three administrations and 19 agencies and offices combined.

The revision did not include an abolishment of the Ministry of Gender Equality and Family, another campaign pledge of Yoon that faced criticism by the main opposition Democratic Party of Korea.