[Asia Economy Reporter Moon Jiwon] Korea Land and Housing Corporation (LH) announced on the 26th that it signed a Memorandum of Understanding (MOU) with KOTRA and Korea Industrial Complex Corporation at the KOTRA headquarters in Seocho-gu, Seoul, to support the return of overseas expansion companies to Korea.
This agreement was promoted to help returning companies find business locations and successfully settle domestically by combining LH, which can provide various location information such as industrial complex residency support, KOTRA, which is in charge of supporting returning companies, and Korea Industrial Complex Corporation, which handles return subsidies.
According to the agreement, the three organizations plan to form a consultative body to provide customized location consulting considering region, size, purpose, and industry to returning companies struggling to select domestic business locations.
They also agreed to continuously identify difficulties even after moving into industrial complexes to utilize for government system improvements and to cooperate in jointly discovering potential returning companies through information exchange.
Recently, the phenomenon of returning companies coming back to their home countries has intensified due to the spread of the novel coronavirus disease (COVID-19). The government is also expanding support for returning companies by increasing the subsidy limit from the existing 10 billion KRW per company to up to 60 billion KRW (30 billion KRW per business site) and abolishing the requirement of 'at least 20 regular employees.'
Byun Changhoom, President of LH, said, "Through this agreement, we support the stable return of our companies to Korea and hope that cooperation among institutions will expand in the future to support domestic companies' global market entry and attract leading overseas companies to Korea."
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