Korean companies returning home to get exclusive complex

The Korean government is stepping up efforts to help domestic companies that will move operations back to Korea from abroad ahead of the effectuation of the free trade agreement with the U.S.

One incentive is the building of an industrial complex for such companies returning home from overseas. The Land, Transport and Maritime Affairs Ministry said Tuesday that it will set up a system to assist companies settling down in Korea, as more Korean companies with overseas operations are expected to make a “U-turn investment” in Korea in the wake of the accord`s implementation.

To this end, the ministry will team up with other government agencies, major cities and provinces to survey the trends of Korean companies that plan to move back home, demand for industrial sites and difficulties they face, and then devise specific measures to help them.

Also planned is a network linking Korea Land & Housing Corp., Korea Water Resources Corp., cities and provinces to provide real-time information on industrial sites nationwide to companies wanting to return home. The network will also give such companies priority in settlement when required. If the companies demand the development of industrial complexes on their own, the ministry is also considering building complexes exclusively for Korean companies returning to the country.

The state-run Small and Medium Business Corp. also announced assistance to smaller companies in the use of the free trade agreement and their advance into foreign markets through financing, marketing and consulting services.

Because small and medium-size companies are expected to step up their advances abroad following the effectuation of the trade pact, the corporation will increase the amount of export financing from 76.2 billion won (67.9 million U.S. dollars) last year to 80 billion won (71.2 million dollars) this year.

Experts will offer consulting to smaller companies on taking advantage of the trade agreement and information sessions on the accord will be held at 16 locations nationwide. Also planned are trade fairs for foreign buyers and the dispatch of trade delegations.

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