Easing Requirements for Returning Companies and Strengthening Subsidies... Government to Announce Support Measures Next Month
Ministry of Trade, Industry and Energy Holds Industry Meeting on Support Policies for Domestic Return Companies
The government plans to announce the 'Domestic Return (U-turn) Enterprise Support Plan' next month. The plan is expected to include easing the scope and requirements for U-turn enterprises and strengthening incentives such as subsidies.
On the 14th, the Ministry of Trade, Industry and Energy will hold an 'Industry Meeting on Domestic Return Enterprise Support Policies' with participation from economic organizations such as U-turn enterprises, the Korea Chamber of Commerce and Industry, and the Korea Federation of Medium-sized Enterprises; industry groups including the Semiconductor Association and the Automobile Mobility Industry Association; and related agencies such as KOTRA and the Korea Industrial Complex Corporation.
At the meeting, opinions from the industry, including U-turn enterprises, will be gathered regarding the 'Domestic Return Enterprise Support Plan' currently being prepared by the Ministry to promote the return of overseas enterprises to Korea. Discussions will also cover on-site difficulties and suggestions from U-turn enterprises and companies intending to return.
Based on the discussions at this meeting, the Ministry plans to announce the Domestic Return Enterprise Support Plan in April. The plan will include effective and innovative measures to revitalize U-turns in advanced industries, such as expanding the scope and easing requirements for U-turn enterprises, strengthening incentives like subsidies, and expanding settlement support for U-turn enterprises.
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Choi Woo-seok, Director of the Trade and Investment Office, who presided over the meeting, said, "With recent changes in the domestic and international environment such as supply chain restructuring, the importance of domestic return in advanced industries is increasing. We will actively reflect the voices of the industry discussed at today's meeting to establish practical measures to promote U-turns."
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