The Yeongju Advanced Bearing National Industrial Complex development project, gaining attention as a new future growth engine for Yeongju City in Gyeongbuk Province, is now underway.
On the 16th, Yeongju City announced its plan to open a "second heyday" for the region through the construction of the Yeongju Advanced Bearing National Industrial Complex, scheduled to begin in August this year.
The Yeongju Advanced Bearing National Industrial Complex is a project to create an industrial complex covering 1,185,971㎡ (approximately 360,000 pyeong) in the Jeokseo-dong and Munsu-myeon areas, with a total project cost of 296.4 billion KRW. It plans to attract 16 industries including bearings (both front and rear), machinery, and lightweight materials.
Through the construction of the national industrial complex, it is expected to contribute significantly not only to economic effects such as job creation, population increase, and tax revenue expansion within the region but also to the realization of national-level goals such as technological independence in core components of future industries.
The bearing national industrial complex is one of the key projects that Yeongju City has long pursued. Since being selected as a candidate site for the national industrial complex in 2018, it has achieved significant milestones including passing the feasibility review by the Local Public Enterprise Evaluation Institute in October 2020, signing the project implementation agreement in March 2021, applying for approval of the national industrial complex plan in April 2022, and receiving final approval from the Ministry of Land, Infrastructure and Transport last August. These efforts have resulted in the establishment of the first national industrial complex in the northern Gyeongbuk region.
Yeongju City plans to begin negotiations and compensation in May, start construction in August, and complete the project by 2027 to ensure the success and rapid development of the national industrial complex.
Since attracting companies is crucial for the successful settlement of the national industrial complex, efforts are being made not only in hardware construction but also in corporate attraction.
Yeongju already has various infrastructures to support resident companies’ technologies, including the High-Tech Bearing Testing and Evaluation Center, the only bearing-specialized research institution in Korea completed in 2018, and the Lightweight Materials Convergence Technology Center. Additionally, by 2025, the city plans to build the Bearing Manufacturing Technology Center and the Lightweight Materials Surface Treatment Technology Center to create the largest bearing cluster in Korea.
Furthermore, to cultivate field and specialized personnel tailored to corporate demand, Yeongju has established the "Smart Mechanical Engineering Department" in cooperation with Dongyang University. From 2022 to 2025, full scholarships will be provided to enrolled students for four years, aiming to nurture practical professionals equipped with foundational engineering knowledge, 3D design, and mechanical manufacturing expertise.
The city believes that the successful development of the national industrial complex depends on attracting promising companies that will lead the advancement of the materials and components industry. Therefore, it plans to promptly establish a full-cycle customized corporate support system that can provide integrated support from bearing product design to performance evaluation and commercialization. The city will continuously improve conditions for corporate settlement to create an attractive investment environment where companies gather.
Once successfully established, the Advanced Bearing National Industrial Complex is expected to generate an annual economic inducement effect of 76 billion KRW and revitalize the local economy. It is also anticipated to create approximately 4,700 direct and indirect jobs and increase the population by about 10,000 people, which will greatly contribute to overcoming the crisis of regional depopulation.
Mayor Park Nam-seo stated, "Where advanced industries flourish, talent naturally gathers." He added, "We will develop the Yeongju Advanced Bearing National Industrial Complex, which will become a new growth engine for Yeongju and Korea’s parts industry, into a future-oriented industrial complex suitable for the era of the Fourth Industrial Revolution," expressing his firm determination.
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