Why do global entrepreneurs choose S. Korea as a destination for their startup?

Young entrepreneurs from overseas are opting to start their business ventures here in South Korea.

Our Ahn Sung-jin tells us why.

Eight years ago, former Samsung employee Pankaj Agarwal started his own business here in South Korea.

Now, that business has dozens of employees across two countries.

"My journey started with Samsung in Korea and in Samsung there is a program called C-lab that gave me a chance to spin off my company and very naturally from an employee at Samsung we became an individual company."

He choose Seoul as the base for his edu-tech startup.

"Then what are some of the opportunities that a lot of foreign entrepreneurs see in Korea whether it be perks or what are some of the characteristics or reasons as to why foreign entrepreneurs would find Korea as an attractive destination?"

"I think Korea is very unique in that there are a lot of support programs. The government makes sure that startups have a lot of opportunities because startups are always afraid that they will die for us our first office was sponsored by the government."

Pankaj says basing his business in Korea has helped in other ways too.

"What I benefit the most from Korea is the brand, you know there is Kpop, K-drama and I say why not K-education. I want to create a successful venture that can help showcase Korea's image in the world that a foreign entrepreneur can really build up a business in Korea."

U.S. consultancy Startup Genome has ranked Seoul's startup ecosystem 9th out of 300 cities around the world.

And to help start-ups get off the ground, the Ministry of SMEs provides special programs to help foreign entrepreneurs settle and grow their businesses, including assistance with visa process, business development funds and other support.

"So far we've mostly focused on helping Korean startups expand, but in order to foster a startup ecosystem in Korea, we figured its also important to host foreign entrepreneurs and startups and garner talents from abroad to Korea."

More global entrepreneurs are choosing Korea as a place to start their business, and this global startup center also facilitates market entry for these companies through patent and administrative support or corporate partnership matching.

"Korea was the one offering the biggest ecosystem, the most developed infrastructure and the best opportunities as well. I would say that the visa process was actually very smooth."

"Being able to always ask other entrepreneurs how they're managing their startup entrepreneur life in Korea so we can accelerate our business here much faster."

The beginning of a start-up involves struggles such as finding resources and investment.

That's why efforts from the government and other stakeholders could be the catalyst for attracting global entrepreneurs and sustaining a healthy startup ecosystem for Korea.

Ahn Sung-jin, Arirang News.