Gangwon Province is strengthening its support for companies located in the industrial complexes of former coal mining areas – Yeongwol, Samcheok, Taebaek, and Jeongseon. The aim is to boost employment and drive the local economy by revitalizing these businesses.
On the 7th, Gangwon Province announced that it would implement a 'Business Revitalization Support Project' for 35 companies selected through a public contest within the Special Zones for Coal Mine Area Development. A total of 450 million won will be invested over one year to support various aspects of their operations, including business improvement, certification acquisition, and marketing. This represents a 25% increase compared to last year's budget.
For example, in the area of business improvement, the province will work with companies to identify new business opportunities and connect them to actual business ventures. Additionally, consulting will be provided across the entire commercialization process, including factory construction and sales strategy development.
The response from companies that have received support has been positive. Neomeditech, a company in Jeongseon that received support for four years starting in 2020, recorded an average annual revenue growth of 24%. An official from Neomeditech stated, "Thanks to the customized support, our business has gotten on track."
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