The government on Tuesday announced it would review 'capital reshoring' for 'U-turn businesses' and actively consider providing various incentives, including subsidies.

The decision was made as the Ministry of Trade, Industry and Energy held a meeting on support policies for ‘U-turn businesses’ presided over by Minister Ahn Duk-geun.

The meeting comes amid calls for the country to strengthen domestic investment incentives for high-tech industries, such as semiconductors and secondary batteries.

'Capital reshoring' refers to when Korean companies bring money earned from overseas back to Korea, while the government is considering expanding the definition of 'U-turn businesses' to include companies that invest funds brought in through capital reshoring.

Currently, the government recognizes companies as 'U-turn companies' when they close overseas production facilities and return to the country. Such businesses are provided with various incentives, including subsidies of up to 30 billion won or around 22 million dollars.