Gyeonggi Province, together with the Gyeonggido Business and Science Accelerator, hosted the “Reshoring Company Return and Investment Briefing Session” for Korean companies operating in Jakarta, Indonesia, and Si Racha (a city near Bangkok, Thailand) from September 24 to 26.

The event introduced specific support measures for companies interested in returning to Korea – a process known as reshoring – and more than 30 local companies participated.

The presentation introduced the investment environment in Gyeonggi Province and provided information on various support programs that companies can participate in when returning to Gyeonggi Province. In addition, financial and legal experts were invited to explain the difficulties of liquidating overseas operations in order to return to the country.

After China and Vietnam, Indonesia and Thailand are two Southeast Asian countries with some of the largest numbers of foreign companies. Si Racha is Thailand’s leading industrial city and a major business hub with many manufacturing and logistics companies. Gyeonggi Province plans to encourage the return of companies from the region and promote reinvestment in Gyeonggi Province.

Gyeonggi Province was the first local government to enact the “Ordinance on Supporting the Return of Reshoring Companies” in 2020, and has been running a support project for companies returning to Korea with the Gyeonggido Business and Science Accelerator. To date, it has provided KRW 2.46 billion in support to 13 companies in areas such as smart process innovation and commercialization; as of this year, it has provided support for accounting and auditing costs incurred through manufacturing automation and the return of idle land.

Yoo So-jeong, Director of Gyeonggi’s Investment Promotion Division, said, “Gyeonggi Province will do its utmost to help reshoring companies return to Korea and to hit new heights in realizing a stable management environment… We will continue to provide various support measures to help companies reshore to Korea successfully establish themselves in Gyeonggi Province.”

Meanwhile, Gyeonggi Province is planning to hold an informational meeting in November this year for local government officials in charge of reshoring companies and the parent companies of reshoring companies.