Gyeonggi-do Takes Proactive Measures to Attract and Support Returning Companies

[Asia Economy (Uijeongbu) = Reporter Lee Young-gyu] Gyeonggi Province has officially launched efforts to attract and support U-turn companies returning to Korea from overseas.

On the 2nd, Gyeonggi Province announced that it has reflected an additional budget of 200 million KRW to actively attract companies wishing to return to Korea and to support the stable settlement of existing U-turn companies, taking a proactive approach.

To this end, the province will conduct one-on-one company matching consultations and consulting in cooperation with KOTRA overseas trade offices. It will also discover companies wishing to return to Gyeonggi Province through matching with promising sites within the province and induce investment decision-making.

Furthermore, the province plans to support process improvements for discovering new business items, diversifying products, and adjusting production volumes. It will provide various benefits for management tasks such as legal, accounting, and technical expert consulting, promotion, and overseas sales activities to support the stable settlement of U-turn companies within the province.

Earlier, on the 1st, to attract and support U-turn companies returning to Korea after expanding overseas, the province held the 'Gyeonggi Northern U-turn Company Activation Field Briefing' at the Gyeonggi Venture Startup Support Center.

The briefing, chaired by Kim Gyu-sik, Director of Economic Planning of the province, was attended by representatives of three U-turn companies in the province including Yoojin LED, Im Dal-taek, Head of Corporate Growth Division at Gyeonggi-do Economic Science Promotion Agency, and Song Ik-jun, Team Leader of KOTRA's U-turn Support Team.

Yoo Won-jong, CEO of Yoojin LED, who returned to Goyang City four years ago after expanding to Bangladesh, said, "At that time, the procedures for selecting domestic return companies were complicated, and it was necessary to purchase domestic sites, build new factories, and establish production facilities, but there was no support for this in the metropolitan area, causing financial difficulties." He added, "Support for site and facility subsidies is necessary for the stable settlement of U-turn companies in the metropolitan area."

Kim Gyu-sik, Director of Economic Planning of the province, stated, "We will actively discover U-turn company support policies and strive to make Gyeonggi Province a hope for U-turn companies through rationalization of metropolitan area regulations."

This content was produced with the assistance of AI translation services.