Gangwon-do Supports 'Startup Companies Development in Closed Mine Areas'

Utilizing Resources and Idle Spaces in Four Mining-Closed Cities and Counties
Discovering and Nurturing Startup Items Suited to Regional Characteristics

Walking Trails in Abandoned Mining Areas [Gangwon-do]

[Asia Economy Reporter Ra Young-cheol] Gangwon Province supports the fostering of startup companies by utilizing local resources and idle spaces in four mining-closed cities and counties.

On the 11th, the province announced, "We are promoting an integrated public contest for mining-closed area startup support projects to discover and nurture startup items tailored to local characteristics, thereby creating residents' income and employment and contributing to the revitalization of the regional economic community."

The mining-closed area startup project is divided into 'Resident Startup Company Support,' a resident-led community startup project, and 'Regional Regeneration Startup Support,' which revitalizes startups by creating new startup spaces using abandoned houses in underdeveloped areas.

Resident startup companies are limited to community cooperative enterprises led by village residents that aim for economic independence through the organic combination of production, distribution, and sales among self-sustaining management organizations within the local community (management organizations such as corporate-type agricultural cooperatives and cooperatives).

For corporations invested by five or more residents within the mining-closed area, support funds for resident startup commercialization are provided annually up to 50 million KRW for a maximum of three years, along with consulting and promotion/marketing support to strengthen the capabilities and management revitalization of startup companies.

The 'Regional Regeneration Startup Support Project' aims to recreate and establish spaces according to startup items and their characteristics by utilizing idle spaces (abandoned houses over 20 years old) in mining-closed areas.

In the first year, 100 million KRW is provided for space consulting, remodeling, and startup commercialization support funds, with follow-up support of up to 50 million KRW annually for a maximum of two years.

All payments of commercialization support funds and project management for startup companies are handled by the cities and counties, while the province plans to focus on providing management consulting and promotion/marketing support to revitalize the management of startup companies.

This content was produced with the assistance of AI translation services.