According to Yonhap News,

Korea Land and Housing Corporation (LH) signed a partnership MOU with Korea Trade-Investment Promotion Agency (KOTRA) and Korea Industrial Complex Corporation (KICC) on Nov 26 to support businesses which have once moved part or all of their production operations overseas but bringing back to Korea. They all reached a consensus on helping out these reshoring companies, forced to return to their original country due to the recent outbreak of the coronavirus, in coming back and settling well into Korea. The COVID-19-induced business and border shutdowns across the world have been driving up the number of businesses that have based their business processes or services overseas to return to Korea recently.

Prior to the partnership deal reached among the public agencies, the authorities have begun to step into a biz-support practice, running multiple schemes such as amendments relevant to the provisions of business incentives for reshoring companies. By forming a special task force in charge, the three entities involved agreed to pitch in with helping the returning businesses faced with challenges to resettle in Korea.

LH provides information on business site and location, whereas KICC takes the role of financier, incentivizing businesses coming back to Korea.

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dkkim@yna.co.kr

Source: Yonhap News (Nov 26, 2020)

** This article was translated from Korean.