The government has selected ten submissions for a trial project this year aimed at supporting foreigners with technical skills seeking to launch startups in the country.

According to the Ministry of SMEs and Startups on Monday, the selection process was carried out in English and followed a comprehensive evaluation focused on project feasibility and innovation, as well as on the companies’ potential to succeed in South Korea and contribute to the domestic economy.

The ministry received a total of 102 submissions.

Six of the successful companies specialize in information technology, one in biotechnology, one in green technology, one in manufacturing and one in commerce. 

The applicants include American, British, Swedish and Taiwanese nationals.

The ministry plans to provide each company with up to 60 million won, or around 44-thousand U.S. dollars, to innovate its business model and localize its products or services.