Ministry of Economy and Finance's Plan to Rapidly Activate Corporate and Regional Investments, Early Power Supply to Yeongilman Industrial Complex
Mayor Lee: "Creating a Premium Specialized Complex Where Companies Can Focus on Production with Peace
Mayor Lee Gang-deok of Pohang City expressed a welcoming stance on the government's ‘Rapid Activation Support Measures for Corporate and Regional Investment’ and the ‘Comprehensive Support Measures for National Advanced Strategic Industry Specialized Complexes’ on the 28th.
Pohang Mayor Lee Gang-deok is explaining the secondary battery specialized complex to citizens at the Yeonil-eup Citizen Communication Day event held last year.
On the same day, the government held an emergency economic ministers' meeting at the Seoul Government Complex and announced the ‘Rapid Activation Support Measures for Corporate and Regional Investment,’ deciding to expedite the completion of the power transmission lines for the Yeongilman Industrial Complex's secondary battery specialized complex.
Earlier, on the 27th, the government held the 5th National Advanced Strategic Industry Committee meeting and prepared the ‘Comprehensive Support Measures for Advanced Strategic Industry Specialized Complexes,’ which included establishing grounds for supporting underground brine treatment pipelines, early construction of Yeongilman power facilities, and resolving restrictions on the entry of anode and cathode material factories into industrial complexes.
Mayor Lee Gang-deok actively welcomed these tailored government support measures, stating, “We strongly welcome the government's support plans, including the early construction of Yeongilman power facilities for the creation of the Pohang secondary battery specialized complex, the establishment of grounds for supporting underground brine treatment pipelines, and the resolution of restrictions on anode and cathode material factories entering industrial complexes.”
The Yeongilman Industrial Complex, where secondary battery companies are concentrated, requires approximately 470 MW of additional power supply by 2030, and the city has continuously requested the early construction of power transmission lines connecting the complex.
Through collaboration among local governments, Korea Electric Power Corporation (KEPCO), and the Ministry of Trade, Industry and Energy?including expedited permit processing, early submission of implementation plans, and minimizing approval periods?the construction of the transmission lines, originally scheduled for completion in October 2028, is expected to be shortened by four months, accelerating corporate investment.
Additionally, the underground pipeline for secondary battery wastewater treatment, which was essential for secondary battery companies in the Blue Valley National Industrial Complex, has been included in the government's support measures as a target for financial support of specialized complex infrastructure. This not only boosts production and settlement of secondary battery companies in the specialized complex but also establishes grounds for receiving national funding.
Moreover, new industry codes were required for secondary battery anode and cathode material companies to settle and produce in the specialized complex. Through consultations among related ministries to ensure no issues arise in corporate settlement and investment in the industrial complex, solutions are being sought, which is expected to facilitate smooth investment by companies entering the complex.
Mayor Lee Gang-deok emphasized, “The government is providing full support to ensure the flawless establishment and competitiveness enhancement of the specialized complex,” adding, “Pohang will do its utmost to support the creation of a premium specialized complex where companies can focus on production with peace of mind, together with the government.”
Since the designation of the secondary battery specialized complex in Pohang last July, the city has closely consulted with related ministries to ensure that large-scale corporate investments smoothly lead to production, securing numerous government supports including the specialized complex fast track.
In the Pohang specialized complex, investments totaling 14 trillion KRW have been confirmed by leading companies such as EcoPro and POSCO Future M by 2027. Pohang City is fully committed to expanding industrial complex infrastructure and, together with Gyeongsangbuk-do Province, frequently visits related ministries including the Ministry of Economy and Finance, Ministry of Trade, Industry and Energy, Ministry of Land, Infrastructure and Transport, and Ministry of Environment to communicate corporate difficulties and actively propose regulatory improvements to enhance competitiveness.
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