South Korea Vows Active Support for Companies Reshoring Amid Global Uncertainties

SEJONG, April 27 (Yonhap) -- Industry Minister Kim Jung-kwan on Monday vowed the government's "active" support for companies reshoring to South Korea amid global economic uncertainties. "The government will provide active support so that reshoring and investment in regions outside of the greater capital area becomes the most rational and attractive option for Korean companies," Kim said in a meeting with officials from Kolmar Korea Co., a cosmetics company selected as the first company that made a "U-turn" to the country this year. Korea Kolmar is set to return to Korea this year after liquidating its overseas operation, with a plan to invest 187 billion won (US$126.6 million) in the central city of Sejong, according to the Ministry of Trade, Industry and Resources. Reshoring of companies has been stalling as major economies have been competing to attract advanced industries and critical supply chains amid the rise of global trade protectionism and geopolitical conflicts, Kim said. To help the country gain a competitive edge in the global competition, the government will work to broaden the criteria for official recognition of reshoring companies, ease the requirements for subsidies and strengthen the strategic focus of reshoring support, he added.