Seoul: South Korea will provide support to nurture 100 defense-focused startups by 2030 in an effort to strengthen the defense industry's growth potential and better adopt cutting-edge technologies, government officials said Monday.

According to Yonhap News Agency, as part of the blueprint to foster defense startups, the government will also aim to nurture 30 venture companies capable of generating 100 billion won (US$69 million) in yearly sales by 2030. This initiative is spearheaded by the Defense Acquisition Program Administration (DAPA) and the Ministry of SMEs and Startups.

Under the plan, the government will offer opportunities for startup companies to cooperate with military branches and existing defense contractors. This collaboration is intended to lower the entry barriers into the market for emerging companies.

The plan also calls for supporting research and development for startups from the early stages of arms development. It aims to ensure that these startups can participate in defense contracts on an equal footing with large corporations.

The Ministry of SMEs and Startups and DAPA plan to assess the progress of the plan through a pan-government control tower. This mechanism is designed to ensure the effective implementation of the initiative.