Among 18 Companies Returning to Korea Last Year, 4 Attracted to Incheon... Support for Factory Acquisition Funds and More

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Incheon City announced on the 9th that it attracted 4 out of 18 reshoring companies last year, ranking first nationwide.

Among the reshoring companies, Company A is a manufacturer of advanced displays with overseas branches in the U.S. and other countries after being listed on KOSDAQ. After withdrawing its production plant in China, it plans to invest 32 billion KRW to establish a manufacturing plant in Incheon and employ about 80 people.

The city analyzed that although not all reshoring companies bring large-scale capital and employment effects like Company A, considering that Incheon, located in the metropolitan area, relatively receives less government support benefits compared to non-metropolitan regions, this is a very encouraging achievement.

Incheon City plans to further strengthen efforts to attract reshoring companies by providing special preferential treatment for small and medium-sized enterprise management stabilization funds, supporting machinery and equipment and factory acquisition funds, and offering technology guarantees, independently from government-level support measures.

Additionally, the city intends to actively discover returnee companies by analyzing reshoring possibilities for Incheon-based companies operating overseas factories, operating a reshoring company consultation center, and holding outreach reshoring support system briefings in cooperation with KOTRA.

Byun Jooyoung, Head of the Incheon City Job and Economy Headquarters, said, "In a situation where external uncertainties are increasing due to the COVID-19 pandemic, prolonged U.S.-China trade disputes, and continued Japanese export restrictions, many advanced countries are increasing job creation through reshoring. Incheon City will also strive to overcome the economic crisis and contribute to job creation by actively discovering companies and preparing support measures."

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