Kangwon Land offers US$2.3m to attract businesses to Gangwon’s former coal-mining towns

Eligible businesses must establish a headquarters or factory in one of four designated municipalities and maintain operations there for at least five years.

South Korea.- South Korean casino resort operator Kangwon Land has launched a business relocation support programme offering up to KRW1bn each (US$755,724) to three companies that agree to establish operations in former coal-mining areas of South Korea’s Gangwon Province. The 2026 Coal Industry Transition Region Business Relocation Project forms part of the operator’s efforts to attract businesses and create jobs in communities affected by the decline of the coal-mining industry.

Applications opened on October 12 and will close on October 30. The programme targets businesses that have received support from, or graduated between 2022 and 2025 from, the Ministry of SMEs and Startups’ university-based start-up programme. About 3,500 companies are eligible to apply.

The three successful applicants will be selected in December through a competitive evaluation process. In addition to relocation funding, selected companies may receive business development assistance, relocation subsidies and tax incentives through participating institutions and local authorities.

Companies receiving support must establish or relocate at least one headquarters or factory to Taebaek, Samcheok, Yeongwol or Jeongseon within three years of selection. They must maintain operations at the chosen location for at least five years.

The project is being delivered in collaboration with Kangwon National University, the Korea Foundation for Cooperation of Large and Small Business, Rural Affairs, and the four local municipalities. The initiative follows Kangwon Land’s Next Unicorn Project, which ran from 2019 to 2025 to encourage companies to establish operations in former mining communities. Of the 24 companies selected under that programme, 12 have completed their relocations and 10 are still in the process. The project has generated 116 jobs, according to the company’s announcement.