Gyeonggi-do Provides Up to 200 Million KRW Support for Returning Companies from Overseas

Gyeonggi Provincial Government Gwanggyo New Office Building

Gyeonggi Province will provide up to 200 million KRW to 'reshoring' companies that return to Gyeonggi Province after going overseas.

Gyeonggi Province announced on the 26th that it will continue the 'Domestic Reshoring Company Support Project' this year, following last year, providing up to 200 million KRW per company to support companies returning to the province in building and advancing smart factories, including the introduction of robots. Applications will be accepted starting from the 27th.

Since 2020, the province has been helping reshoring companies settle stably by supporting smart factory and robot-utilized manufacturing, new product development, and prototype production.

In particular, the province has established an independent system that gives additional points to new support and advanced industry companies, and selects companies that have passed 7 years after returning or have received more than 500 million KRW in support funds as graduates, thereby supporting early settlement of reshoring companies. Through this support project, 18 companies have currently returned to Gyeonggi Province, and 2 companies are about to graduate.

The province's support project is also showing results.

Yujin LED Co., Ltd., which returned to Goyang City in 2015, introduced robotic automation equipment over the past three years for robot-utilized manufacturing, prototype production, and marketing activities, reducing the defect rate in LED lamp assembly and increasing production by 20%.

Remote Solution Co., Ltd., which returned to Gunpo City in 2020, established a 100% robot-automated TV remote control manufacturing line through robotic automation line construction. This company tentatively reported a 13% increase in sales compared to the previous year through labor cost reduction and productivity improvement.

Additionally, the province provides up to 70 million KRW per company to enhance the capabilities of reshoring companies by supporting new technology development patent applications, testing and analysis for domestic and international certification, prototype production, and management environment improvement.

Moreover, in cooperation with the Korea Trade-Investment Promotion Agency, the province plans to actively discover excellent companies in advanced fields by conducting a survey to understand the status of overseas expansion companies and their intention to return domestically.

Lee Min-woo, Director of the Investment Promotion Division of the province, said, "As the importance of domestic reshoring policies has been emphasized after COVID-19, we plan to expand customized support policies reflecting corporate demand. We will actively encourage excellent companies to return domestically and support corporate activities in Gyeonggi Province, which is preferred by overseas companies as a return region, to strengthen the industrial ecosystem within the province."