Gyeonggi-do Provides Up to 500 Million KRW Support to Domestic Returning Companies

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will provide up to 500 million KRW over the next seven years to companies returning to Korea from overseas.

On the 6th, Gyeonggi Province announced that it is recruiting companies to participate in the '2022 Gyeonggi Province U-Turn Company Support Project' to help advanced and supply chain core companies that have expanded overseas return to Korea and settle stably. The province will support these companies with a total of 500 million KRW per company over the next seven years.

This year, the province plans to focus on attracting U-turn companies by providing concentrated support in the advanced and core parts sectors, aiming to facilitate the return and settlement of companies in key industries within the advanced industrial ecosystem.

In this regard, the province held the 'Gyeonggi Province U-Turn Company Support Project Online Briefing Session' on the 24th of last month.

During the briefing session, in addition to guidance on applying for the support project, there was time to listen to on-site voices regarding the overseas local situation of U-turn companies, the process of returning to Korea, and difficulties faced.

Since 2020, the province has enacted the 'Ordinance on Supporting the Return of Overseas-Expanded Companies in Gyeonggi Province' to provide additional support separately from the government.

As a result, a total of seven new U-turn companies, mainly in advanced industries and core manufacturing sectors such as steel, have returned to Gyeonggi Province.

A provincial official explained, "In the situation where securing domestic parts supply chains and establishing an independent ecosystem have become urgent after COVID-19, early settlement support for returning companies is a very important policy, and Gyeonggi Province plans to provide active support."

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