Sejong - Industry Minister Ahn Duk-geun announced increased government support for businesses relocating back to South Korea from abroad on Tuesday. This move is aimed at strengthening the nation's economic stability and enhancing its supply chain amid current financial uncertainties.
According to Yonhap News Agency, the government is set to enhance incentives for the retail sector and consider the repatriation of earnings from foreign operations as an investment in the country. Additionally, financial support for firms moving operations to regions outside the greater Seoul area will rise, with subsidies increasing from 30 billion won to a maximum of 40 billion won (approximately $29.45 million). The initiative comes as reshoring efforts have resulted in investment pledges totaling 1.13 trillion won in 2023, a 47% increase from 2021.