Kangwon Land Inc offers up to US$2.3mln to firms willing to relocate in ex-mining areas

South Korean casino operator Kangwon Land Inc is offering up to KRW1 billion (US$755,724) each to a maximum of three companies willing to relocate operations to former coal-mining communities in Gangwon Province. The programme is part of Kangwon Land Inc’s efforts to support regional economic diversification and job creation. The company announced recently that it was accepting applications until October 30 for its “2026 Coal Industry Transition Region Business Relocation Project”. The initiative aims to attract new businesses to any among four municipalities – Jeongseon, Taebaek, Yeongwol and Samcheok – affected by the decline of the coal-mining industry and population loss. Kangwon Land Inc operates Kangwon Land resort (pictured) in Jeongseon county, Gangwon province. The complex features the only casino in South Korea permitted to serve local players. The investment reflects Kangwon Land Inc’s historical ties to the former coal-mining region. The latest initiative is being implemented in cooperation with Kangwon National University, the Korea Foundation for Cooperation of Large and Small Business, Rural Affairs, and the four local governments. Approximately 3,500 companies that have received support under a university-based start-up programme are eligible to apply, per the press release. Three companies are expected to be selected in December, following a competitive evaluation process. Successful applicants will receive up to KRW1 billion each in relocation assistance, alongside access to business development programmes, relocation subsidies and tax incentives. Participating companies must relocate or establish at least one headquarters or factory in one of the four designated municipalities within three years, and maintain operations there for at least five years. Kangwon Land Inc said the initiative followed its earlier “Next Unicorn Project”, under which 12 companies had completed relocation to former coal-mining communities, while another 10 were in the process of doing so. According to the casino operator, the earlier programme has generated 116 jobs to date. Kangwon Land chief executive, Kim Do-gyun, said the latest initiative was intended to help companies grow while creating new economic opportunities in communities facing population decline.