Kangwon Land Offers Up to US$2.3m to Attract Firms to Ex‑Mining Towns
KRW1 billion grants to three companies to relocate to four Gangwon Province municipalities.
Key Takeaways
- Kangwon Land Inc will offer up to KRW1 billion (US$755,724) each to a maximum of three firms relocating to former coal towns.
- Applications for the 2026 Coal Industry Transition Region Business Relocation Project close on 30 October 2026, with winners announced in December 2026.
- Relocated firms must establish a headquarters or factory in Jeongseon, Taebaek, Yeongwol or Samcheok within three years and operate there for at least five years.
- The initiative is run with Kangwon National University, the Korea Foundation for Cooperation of Large and Small Business, Rural Affairs and the four local governments.
Kangwon Land Inc is offering up to KRW1 billion (US$755,724) each to as many as three companies prepared to relocate to former coal‑mining communities in Gangwon Province. The company opened applications for its “2026 Coal Industry Transition Region Business Relocation Project” and will accept submissions until 30 October 2026; three winners are expected to be selected in December 2026.
Programme mechanics and eligibility
Successful applicants will receive up to KRW1 billion each in relocation assistance and 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 designated municipalities — Jeongseon, Taebaek, Yeongwol or Samcheok — within three years and maintain operations there for at least five years.
Approximately 3,500 companies that have previously received support under a university‑based start‑up programme are eligible to apply, the company said in a press release. Kangwon Land Inc plans to select the three companies after a competitive evaluation process and announce winners in December 2026.
Partners, past results and local context
Kangwon Land Inc is implementing the initiative with Kangwon National University, the Korea Foundation for Cooperation of Large and Small Business, Rural Affairs, and the four local governments. Kangwon Land operates Kangwon Land resort in Jeongseon county, Gangwon Province, which features the only casino in South Korea permitted to serve local players.
The relocation project follows Kangwon Land’s earlier “Next Unicorn Project”, under which 12 companies completed relocation to former coal‑mining communities and another 10 were in the process of doing so. The operator said that the earlier programme had generated 116 jobs to date.
"The latest initiative was intended to help companies grow while creating new economic opportunities in communities facing population decline," said Kangwon Land chief executive Kim Do‑gyun.
Relocation grants of KRW1 billion per firm translate to roughly US$755,724 each based on the company’s conversion figure.
Frequently Asked Questions
How much funding is Kangwon Land offering per company?
Kangwon Land is offering up to KRW1 billion per company, which the operator states equals US$755,724 in its announcement. The grant is part of relocation assistance alongside subsidies, tax incentives and business development programmes.
Which locations qualify for relocation under the project?
Companies must relocate to one of four municipalities: Jeongseon, Taebaek, Yeongwol or Samcheok in Gangwon Province. Relocation or establishment of at least one headquarters or factory there is required within three years, and firms must remain for at least five years.
Who can apply to the 2026 relocation project?
About 3,500 companies that previously received support under a university‑based start‑up programme are eligible to apply. Kangwon Land will accept applications until 30 October 2026 and expects to select three companies in December 2026.
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Marcus Webb
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Marcus Webb covers the deal flow of the gambling industry — operator strategy, M&A, market entries, and product launches from sportsbook rebrands to full platform migrations. The reports name the companies, valuations, and jurisdictions exactly as disclosed and separate the announcement from its market impact. When a group consolidates a brand or a challenger launches into a new state, Marcus Webb explains who gains, who pays, and what closes next quarter.
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