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Survey shows about 13% of Korean firms interested in coming back
The government said on Thursday it will organize task forces to help Korean companies relocate their overseas facilities to Korea as part of efforts to spur domestic investment.
The Ministry of Knowledge Economy expects about 50 Korean companies to return home over the next five years and create more than 13,000 jobs domestically.
The ministry says it sees high demand for return to Korea among companies in the accessories, clothing, footwear, electronics and machinery industries.
According to a survey conducted by the Korea Chamber of Commerce and Industry, some 13 percent of the Korean companies that have built manufacturing bases abroad are interested in bringing their operations back to Korea.
Related government officials and industry representatives agreed in a meeting Thursday to launch task forces for each of the five sectors after reviewing the latest industrial trends since Korea’s free trade agreements with the U.S. and the European Union went into effect.
“The free trade agreements have become a good opportunity promotes Korean businesses’ U-turns,” said Vice Minister for Trade and Energy Cho Seok, who presided over the meeting.
“We will take policy measures to turn the potential demand into actual returns.”
The task forces will look for companies willing to return home and come up with policy measures to support those that have done so, the ministry said.
Incentives the government is considering to provide to returning companies include tickets to allow them to build factories in a state-run industrial complex and tax reduction on moving production facilities in Korea.
The Korea Trade-Investment Promotion Agency on Thursday opened a support center to offer one-stop service for such companies.
Help desks for companies returning home will be set up in KOTRA’s key overseas offices such as those in China’s Qingdao and Shanghai.
The government plans to help these firms relocate their facilities to Korea by providing them with generous tax incentives and other benefits regarding factory sites, manpower supply and export financing.
By Kim So-hyun (sophie@heraldcorp.com)
The government said on Thursday it will organize task forces to help Korean companies relocate their overseas facilities to Korea as part of efforts to spur domestic investment.
The Ministry of Knowledge Economy expects about 50 Korean companies to return home over the next five years and create more than 13,000 jobs domestically.
The ministry says it sees high demand for return to Korea among companies in the accessories, clothing, footwear, electronics and machinery industries.
According to a survey conducted by the Korea Chamber of Commerce and Industry, some 13 percent of the Korean companies that have built manufacturing bases abroad are interested in bringing their operations back to Korea.
Related government officials and industry representatives agreed in a meeting Thursday to launch task forces for each of the five sectors after reviewing the latest industrial trends since Korea’s free trade agreements with the U.S. and the European Union went into effect.
“The free trade agreements have become a good opportunity promotes Korean businesses’ U-turns,” said Vice Minister for Trade and Energy Cho Seok, who presided over the meeting.
“We will take policy measures to turn the potential demand into actual returns.”
The task forces will look for companies willing to return home and come up with policy measures to support those that have done so, the ministry said.
Incentives the government is considering to provide to returning companies include tickets to allow them to build factories in a state-run industrial complex and tax reduction on moving production facilities in Korea.
The Korea Trade-Investment Promotion Agency on Thursday opened a support center to offer one-stop service for such companies.
Help desks for companies returning home will be set up in KOTRA’s key overseas offices such as those in China’s Qingdao and Shanghai.
The government plans to help these firms relocate their facilities to Korea by providing them with generous tax incentives and other benefits regarding factory sites, manpower supply and export financing.
By Kim So-hyun (sophie@heraldcorp.com)
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Articles by Korea Herald
