Along with the Busan Economic Promotion Agency, it picked 10 out of 25 foreign applicants to help them launch promising startups in Busan. It is the first time for a public agency in Korea’s second-largest city to run such a project.
“There was more competition than we imagined. Depending on how this year’s project unfolds, we will consider expanding the scale of the project in the coming year,” said a Busan city official in charge of the program in a phone interview with The Korea Herald.
From July this year to May next year, the selected candidates will be given subsidies as much as 4 million won ($3,500), an office space, housing benefits and immigration consultation.
The finalists come from countries including China, Japan, Kazakhstan and Britain. They are either married to a local or have stayed in the country working or studying.
The winning projects included those that encompassed automobile maintenance services; patents and copyright consultations for Korean enterprises branching out to China; and education services for foreign residents.
By Lim Jeong-yeo (firstname.lastname@example.org)