Navigating Reshoring Realities: A Comparative Study of South Korea, Japan, and the US

Navigating Reshoring Realities: A Comparative Study of South Korea, Japan, and the US

Research Purpose: This study examine the reshoring status in South Korea, Japan, and the US, scrutinizing reshoring policies and government efforts. This paper offers insights into reshoring dynamics in South Korea and proposes strategic recommendations for policy refinement and implementation. Research Methods: In this study, a comparison analysis is conducted on the forces driving reshoring, reshoring status, reshoring policies, and government efforts in Korea, Japan, and the US, utilizing data from (Ministry of Trade, Industry, and Energy, Korea 2023), (JETRO, Japan 2023), and (Reshoring Initiative, US 2022). Results in Research: South Korea"s reshoring cases remain notably lower compared to Japan and the US. Our study highlights the critical need to redefine reshoring objectives tailored to South Korea"s unique circumstances, as current objectives may not align effectively. Despite substantial investments, effectiveness remains limited, necessitating a reevaluation of objectives to better suit South Korea"s context. Research Conclusion: South Korea"s reshoring process is intricate, with narrow eligibility criteria for companies, hindering the influx of returning firms. To address the challenges, South Korea should prioritize attracting large companies capable of generating significant job opportunities than small and medium sized companies. Furthermore, leveraging its skilled workforce, South Korea should focus reshoring efforts on high-tech companies to enhance competitiveness and drive economic growth.

Research Purpose: This study examine the reshoring status in South Korea, Japan, and the US, scrutinizing reshoring policies and government efforts. This paper offers insights into reshoring dynamics in South Korea and proposes strategic recommendations for policy refinement and implementation. Research Methods: In this study, a comparison analysis is conducted on the forces driving reshoring, reshoring status, reshoring policies, and government efforts in Korea, Japan, and the US, utilizing data from (Ministry of Trade, Industry, and Energy, Korea 2023), (JETRO, Japan 2023), and (Reshoring Initiative, US 2022). Results in Research: South Korea"s reshoring cases remain notably lower compared to Japan and the US. Our study highlights the critical need to redefine reshoring objectives tailored to South Korea"s unique circumstances, as current objectives may not align effectively. Despite substantial investments, effectiveness remains limited, necessitating a reevaluation of objectives to better suit South Korea"s context. Research Conclusion: South Korea"s reshoring process is intricate, with narrow eligibility criteria for companies, hindering the influx of returning firms. To address the challenges, South Korea should prioritize attracting large companies capable of generating significant job opportunities than small and medium sized companies. Furthermore, leveraging its skilled workforce, South Korea should focus reshoring efforts on high-tech companies to enhance competitiveness and drive economic growth.