JEOLLABUK-DO < invest Korea

According to Yonhap News,

(JEONJU=Yonhap News) North Jeolla Province announced May 15 that Sungwoo Fashion Jewelry, which has made inroads into the Shandong market in China, will return to Iksan.

Sungwoo Fashion Jewelry, which mainly exported its products to the United States and the U.K, decided to make a u-turn due to the increase in labor cost and changes in the market conditions in China.

Another reason is because overseas buyers preferred “made in Korea” products over “made in China” projects.

Now, there are 29 u-turn companies from China in North Jeolla Province. This accounts for 40 percent of the total 71 u-turn companies in Korea.

North Jeolla Province will strive to attract more u-turn companies by providing economic support to help them settle in the province.

lc21@yna.co.kr

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (May 15, 2015)

** This article was translated from the Korean.