Gyeongbuk Province Holds Groundbreaking Ceremony for Advanced Bearing Factory in Yeongju... 'BearingArt' Invests 300 Billion Won

Establishment of Manufacturing Facilities on 30,000 Pyeong at Yeongju Bangu Specialized Agricultural and Industrial Complex
Synergy Expected with Nearby Advanced Bearing National Industrial Complex Completion

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongwook Park] On the afternoon of the 17th, Gyeongsangbuk-do Province and Yeongju City held a groundbreaking ceremony for the expansion of the Ban-gu Specialized Agricultural and Industrial Complex to invest in advanced bearing manufacturing facilities at Bearing Art Co., Ltd.'s Yeongju plant. The ceremony was attended by about 100 people, including Governor Lee Cheol-woo, Yeongju Mayor Jang Wook-hyun, Bearing Art CEO Song Young-soo, and provincial council members.

On September 9th last year, Gyeongbuk Province and Yeongju City signed a memorandum of understanding with Bearing Art Co., Ltd. to invest 300 billion KRW over the next five years to establish advanced bearing manufacturing facilities. Once the investment is completed by 2024, it is expected to create about 500 new jobs.

Bearing Art Co., Ltd., an affiliate of Iljin Group, manufactures bearings for automotive power transmission devices and industrial bearings. The company plans to expand investment in high-tech bearing manufacturing facilities for sectors with high import dependence such as railroads, aircraft, and robotics, aiming to pioneer new technologies and markets.

Governor Lee Cheol-woo of Gyeongbuk Province stated, "The bearing industry is a national key industry, and we will focus on fostering the bearing industry, which has a high import dependence, as a future growth engine industry of Gyeongbuk." He added, "We will spare no support to ensure that the bearing industry can dominate the global market through collaboration with research institutions and others."

Meanwhile, Yeongju City is a transportation hub with well-established railroad and transportation networks, offering excellent accessibility to the Seoul metropolitan area. Anchor companies such as Novelis Korea Co., Ltd., SK Materials Co., Ltd., KT&G Corporation, and Bearing Art Co., Ltd. are located here, making it very easy to attract related companies in the future.

The Yeongju Advanced Bearing National Industrial Complex project, scheduled for completion in 2027, will be developed on a total area of 1.36 million square meters (410,000 pyeong) with a total project cost of 311.6 billion KRW.

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