Local Public Enterprise Evaluation Institute Passes Feasibility Review for New Investment Project
[Asia Economy Yeongnam Reporting Headquarters, Reporter Park Dong-wook] The feasibility study for the Yeongju Advanced Bearing National Industrial Complex, included in the presidential pledges, has been concluded. Gyeongsangbuk-do received notification last weekend from the Local Public Enterprise Evaluation Institute, which reviewed the new investment project, confirming its feasibility, and will proceed with the project as planned.
According to Gyeongsangbuk-do on the 18th, the Yeongju Advanced Bearing National Industrial Complex will be developed over a total area of 1.36 million square meters (410,000 pyeong) in Jeokseo-dong and Munsu-myeon, Yeongju City. The total project cost is 311.6 billion KRW, with completion scheduled for 2027.
The bearing industry is a core foundational industry supplying production technology, equipment, and materials/components for future new industries such as automobiles, railroads, robotics, and aerospace. If the advanced bearing industrial complex is successfully established, it is expected to create approximately 5,000 direct and indirect jobs and generate an annual economic inducement effect of 83.5 billion KRW.
Yeongju is home to research institutions such as the High-Tech Bearing Testing and Evaluation Center and the Lightweight Materials Convergence Technology Center, as well as related companies like BearingArt and Novelis Korea. Given the well-established infrastructure related to bearing manufacturing, the creation of the advanced bearing national industrial complex is expected to generate synergistic effects.
The advanced bearing national industrial complex project is expected to be implemented by the Gyeongsangbuk-do Development Corporation as the project operator. Administrative procedures, including approval of the industrial complex plan by the Minister of Land, Infrastructure and Transport, remain pending.
Byun Yong-su, Director of the Construction and Urban Development Bureau of Gyeongsangbuk-do, stated, "Based on the establishment of the advanced bearing national industrial complex, we will build an industrial hub in the northern region of Gyeongbuk and do our best to grow it into a new economic growth engine for the region, becoming a central axis of the global bearing industry beyond Korea."
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