Industry minister pledges support for reshoring firms

SEJONG, Industry Minister Ahn Duk-geun on Tuesday pledged to expand support for businesses reshoring from overseas. "Amid the challenging business environment, following inflation, high borrowing costs and foreign exchange market volatility, revitalizing investment, including reshoring, will bolster exports and employment," Ahn said in a statement. "It is also crucial for stabilizing the supply chain and enhancing economic security," Ahn said. In line with such efforts, the government plans to make the retail sector eligible for reshoring incentives and explore methods to recognize the transfer of earnings from overseas back to South Korea as a related investment. The government will also provide up to 40 billion won (US$29.45 million) in subsidies for businesses relocating to areas outside the greater Seoul area, up from the previous ceiling set at 30 billion won. The amount of investment pledges made by reshoring companies, meanwhile, came to 1.13 trillion won in 2023, marking a 47 percent rise from 7 71.5 billion won tallied in 2021, the ministry data showed. Source: Yonhap News Agency