Gvo't unveils measures to encourage offshore work to return home

The South Korean government unveiled a set of measures on Sunday that aims to entice Korean manufacturers operating overseas back to their home country, as well as invest more in a bid to boost jobs here and add vitality to struggling sectors.

The incentives center on exempting taxes levied by local governments for five years and cutting the taxes by half for the next two years. Also, companies coming back to their own markets will be offered other benefits, such as increased subsidies to their facility expansion, according to the government.

Since April of last year, the government has been offering a five-year exemption of corporate income tax and selling land at cheaper prices to companies that are relocating their manufacturing work to their home country.

According to the government, a total of 51 South Korean firms have decided to pull out of overseas countries, and an additional 21 firms are now considering relocating their factories to their home market. (Yonhap news)