Foreign entrepreneurs rush for “Korean dream”…”Everything is fast and the technology is excellent”
K-Content and Beauty are leading global trends.
Products manufactured in South Korea are exported all over the world.
The number of technology startup visa holders has doubled in four years.
The Russian national with Ukrainian roots Roman Vernidub founded the company “Koru Pharma” in 2016. The company manufactures dermal fillers and exports their products to 100 countries all over the world. He [Roman V.] first came to Korea as a university student, later pursuing master’s and doctoral degrees, and recognized the potential of “K-Beauty,” leading to the establishment of his company. In the past year, the company achieved annual revenue of 26 billion KRW and is currently preparing for an IPO on KOSDAQ.
The company’s environment is unique, with a CEO of foreign nationality and an exclusively export-oriented operation. Among the 110 employees in the HQ office in Seoul and the factory in Gangwon-do, 50 of them are foreigners. Roman Vernidub said: “Korea is known for its speed and excellent technology. With the rising popularity of Korea worldwide, our products are receiving increased attention.”
Foreign entrepreneurs seeking opportunities in Korea have been growing in number, no longer limited to the United States and Singapore, traditional startup hubs for foreigners. While many foreigners working in Korean industries were low-wage workers in 3D-related fields, recent developments in “K-Culture” and the active presence of Korean conglomerates worldwide have attracted more individuals to Korea.
Foreign entrepreneurs not only contribute to job creation within the country but also open new avenues for the Korean economy. Experts point out that the influx of outstanding human capital, similar to the Silicon Valley model, has become another pillar for enhancing a nation’s competitiveness.
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From Korea’s perspective, the growing number of foreign entrepreneurs is a welcome development. It not only attracts talents from abroad but also leads to the establishment of solid companies that contribute to exports and job creation. An official from the Ministry of SMEs and Startups remarked, “In foreign countries, businesses founded by foreign entrepreneurs often become ‘unicorn’ companies or grow into large corporations. With an increasing number of foreign entrepreneurs, they will contribute to the revitalization of our economy.”
Reporter Kang Daeun
Original article published on 조선일보 (Chosun Ilbo)
