Nam-seo Park, Mayor of Yeongju City, met with Dong-seop Lee, Vice Chairman of Iljin Group, at the ‘Bearing Art’ Yeongju factory to discuss mutual cooperation between Yeongju City, the advanced bearing industry hub, and Iljin Group, the anchor company in the bearing industry, for the revival of the domestic bearing industry and the successful attraction of companies to the Yeongju Advanced Bearing National Industrial Complex.
This meeting took place in conjunction with Vice Chairman Dong-seop Lee’s visit to the Bearing Art Yeongju factory on the 28th, during which they had an in-depth discussion on additional investment in the Yeongju Advanced Bearing National Industrial Complex and the role of the anchor company in attracting related companies.
Lee Dong-seop, Vice Chairman of Iljin Group (left), is meeting with Park Nam-seo, Mayor of Yeongju City, to discuss business attraction.
Vice Chairman Lee responded positively, pledging to actively strive for additional investment in the national industrial complex and to cooperate for the substantial attraction of companies, thereby strengthening the momentum for attracting companies to the national industrial complex.
Iljin Group, founded in 1973, is an automotive parts specialist company leading the wheel bearing market through continuous change and innovation. Currently, it has expanded its scope to the industrial bearing industry and operates 16 subsidiaries in 20 cities across 10 countries worldwide, competing confidently with global companies as a global enterprise.
‘Bearing Art’ is a subsidiary of Iljin Group that established a factory in the Bangu Specialized Agricultural and Industrial Complex in Jangsu-myeon, Yeongju City, in December 2011, manufacturing various industrial bearings as an anchor company in the bearing field. In September 2019, it signed an investment agreement with Yeongju City to invest 300 billion KRW and create 500 new jobs on an expanded 30,000-pyeong site of the Bangu Specialized Agricultural and Industrial Complex, and the investment is progressing smoothly.
Mayor Park Nam-seo stated, “The success of the Advanced Bearing National Industrial Complex depends on attracting companies,” adding, “Through inducing additional investment from Bearing Art, the anchor company in the bearing industry, and close cooperation, we will attract high-quality companies to the national industrial complex to maintain the reputation of Yeongbuk’s leading industrial city.”
Yeongju City is putting all efforts into attracting companies to the national industrial complex, aiming to visit more than 100 companies this year. Through the promotion of a strategy establishment project for company attraction, it is conducting comprehensive customized attraction activities by discovering additional incentives to boost companies’ willingness to settle and improving residential conditions.
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