S.Korea’s reshoring companies pale amid lack of support, incentives

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S.Korea’s reshoring companies pale amid lack of support, incentives - Korea Economic Daily

Quick Summary:

According to the International Institute for Management Development (IMD)'s world competitiveness ranking released in July, Korea ranked 47th out of 67 countries in business conditions and 39th in government efficiency.“Last year, 2,816 Korean companies went overseas through foreign direct investment – over 100 times the number of reshored companies.

According to the Ministry of Trade, Industry, and Energy data obtained by Koh Dong-jin, a ruling People Power Party lawmaker, only 20 Korean companies per year, on average, returned to Korea over the past five years.

MORE FAVORABLE CONDITIONS REQUIREDAlthough the Korean government continues to expand support for reshoring companies to strengthen its supply chain, returning companies are fewer than expected, industry officials said.