Incheon, Selected for Overseas Koreans Office... Establishing a 'Korean Business Hub'

Opening of Korean Business Center... Customized Support for Overseas Korean Entrepreneurs
Strategic Partnerships Established with Korean Business Organizations and Groups
Support Systems Including Incentives to Promote Overseas Korean Investment Established

Incheon City is set to establish a Korean business hub city following the successful attraction of the Overseas Koreans Office last year.

On the 13th, the city announced plans to implement four major strategies: creating a business-friendly environment for overseas Korean companies, expanding the Korean business network, strengthening promotion for overseas Korean investment attraction, and establishing support systems. The goal is to build a Korean business hub that grows together with the 7 million overseas Koreans worldwide.

To this end, in January, the city reorganized its structure to create the Global Business Cooperation Group, which will promote projects linking the Overseas Koreans Office with regional development and expand exchange projects by global regions. Additionally, a Korean Business Team was established within the existing Investment Attraction Division to focus on attracting investments from overseas Koreans.

In the second half of this year, a Korean Business Center will open in the Booyoung Tower in Songdo International City to support overseas Korean investment as well as domestic employment and startups for overseas Koreans. The center will be responsible for investigating overseas Korean economic and business information, providing Incheon business information, promoting investment attraction (IR) by country and region to global Korean businesspeople, offering consultation and advisory services for overseas Korean investment attraction, and supporting the participation of overseas Korean companies in Incheon city development projects.

Support systems to promote overseas Korean investment will also be established. Incheon City plans to lower the criteria and increase benefits for employment subsidies previously provided to investment companies it attracted, extending these benefits to overseas Korean companies as well. Currently, Incheon provides employment subsidies of 500,000 KRW per person for up to six months for domestic companies hiring 30 or more new employees and foreign-invested companies hiring 20 or more new employees. For overseas Korean companies, the city is considering providing 1,000,000 KRW per person for hiring five or more new employees.

The city will also activate projects targeting overseas Koreans by local governments and propose that the Overseas Koreans Office pursue national government-funded projects that move beyond beneficiary-focused projects centered on some Korean economic organizations, enabling mutual development of both overseas Korean companies and domestic companies.

On June 5th last year, at the opening ceremony of the Overseas Koreans Office held at UN Square in Songdo Central Park, Incheon, Mayor Yoo Jung-bok of Incheon and guests are taking a commemorative photo. 2023.6.5 [Photo by Incheon City]

The overseas Korean business network will be expanded and strengthened. Through joint cooperation projects with central government ministries, local economic institutions such as Incheon Technopark, Incheon Chamber of Commerce and Industry, Incheon Creative Economy Innovation Center, as well as Korea Trade-Investment Promotion Agency (KOTRA), World Korean Trade Association, World Federation of Overseas Korean Traders Associations, and local universities, the city plans to open overseas sales channels for local companies and actively attract domestic investment from overseas Koreans.

Additionally, in the first half of this year, the city plans to hold investment cooperation forums, export/import fairs, overseas expansion consulting, and one-on-one business matching events inviting overseas Korean companies and economic organizations. Prior to this, the city is preparing memorandums of understanding with related organizations such as the World Korean Trade Association.

The city will also conduct focused promotional activities targeting overseas Koreans to attract investment linked to Mayor Yoo Jeong-bok’s key pledges, including the New Hong Kong City and Jemulpo Renaissance projects, as well as advanced and knowledge-based strategic industries. In the second half of this year, large-scale investment attraction exhibition booths will be operated at Korean business events both domestically in Jeonbuk and internationally in Austria to achieve tangible investment attraction results.

Mayor Yoo stated, "We will provide an environment where overseas Koreans can do business comfortably to expand investment attraction to the homeland, and through continuous investment, trade, and cooperation network building, make Incheon a Korean business hub."

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