SMEs and Startups Minister Han Seong-sook attends a press conference at the government complex in Sejong, central South Korea, 17 December 2025, to announce the ministry’s policy briefing for 2026. File. Photo by YONHAP / EPA
Feb. 23 (Asia Today) — South Korea’s Ministry of SMEs and Startups said Sunday it plans to foster 100 startups in the defense sector and 30 venture firms with annual sales exceeding 100 billion won ($75 million) by 2030.
The ministry announced the initiative during a policy meeting and memorandum of understanding ceremony held with the Defense Acquisition Program Administration at the War Memorial of Korea in Seoul.
Under the plan, the government will launch a “Defense Startup Challenge” program offering startups opportunities to collaborate with the Army, Navy and Air Force, as well as major defense contractors. Participating contractors will receive incentives in government evaluations for shared growth programs.
Products developed through the challenge will be eligible for military field testing to incorporate feedback from service branches. In advanced civilian-led sectors, the government will also introdu