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N. Jeolla Welcomes U-turn Companies

Following jewelry companies which came back to Korea from China, machinery and textile companies are moving back to Korea. They signed a memorandum of understanding (MOU) for investment with Gusan and Iksan city.

U-turn companies refer to companies that moved overseas but come back and reinvest in Korea.

Two machinery companies are moving back to Gunsan, and three jewelry companies and one textile company will move to Iksan.

The Ministry of Trade, Industry and Energy (MOTIE) held a MOU signing ceremony today. Governor of North Jeolla Province Kim Wan-joo, Kwon Pyung-oh, head of the Office of International Trade and Investment at MOTIE, government officials and representatives of six companies attended the signing ceremony.

North Jeolla attracted total 26 U-turn companies since jewelry companies’ came back August last year to become a mecca of returning companies. The U-turn companies are expected to create 7,500 jobs.

The North Jeolla Province and the Korea Trade-Investment Promotion Agency (KOTRA) held promotional activities to find companies that came back to Korea. The province will provide site subsidies to help initial investment, and KOTRA will help to clear business in China.

The Korean government established a law which provides tax exemption benefits and industrial complex site priorities to U-turn companies last month. U-turn companies are forecast to create 60,000 jobs over next five years.

Source Text

Source: Yonhap News (July 29, 2013)

** This article was translated from the Korean.