South Korea’s second-largest city Busan will support foreign entrepreneurs, seeking to grow into a global startup hub similar to Silicon Valley of the US.

The Busan Metropolitan City Government and Busan Economic Promotion Agency on Wednesday announced plans to recruit participants to their startup support project for foreigners by the end of May.

The project offers support to foreigners or immigrants who have registered businesses in Korea, or aspiring entrepreneurs that wish to start new businesses. The city government will select 10 teams as candidates.

The selected applicants will be provided with subsidies of up to 7 million won ($6,500) per team, office spaces, credit guarantees, and consulting services. 

The project will also support participants in securing markets for their products, and build networks between domestic and overseas startups.

The same program had supported 18 participants from nine teams with office spaces, business subsidies, and opportunities to take part in training on Korea’s overall assistance for the startup immigration system, mentoring, and exchanges.

Busan plans to expand its startup-related programs in an effort to create an ecosystem where global startups can gather and form a cluster like in Silicon Valley.

Startups in manufacturing, information and communication technology, knowledge services, trade and distribution, and idea-based businesses are eligible to apply for the project.
Applications can be made to BEPA via email (hyunju@bepa.kr). Other inquiries should be directed to its domestic business headquarters (+82 51 60 01 588).

By Lim Jeong-yeo (kaylalim@heraldcorp.com)