Gyeongbuk Yeongju Advanced Bearing National Industrial Complex Designated... Completion Targeted for 2027

The Ministry of Land, Infrastructure and Transport announced on the 25th that it has approved the industrial complex plan for the Advanced Bearing National Industrial Complex in Yeongju-si, Gyeongsangbuk-do, and will begin full-scale development.

Aerial View of Yeongju Advanced Bearing National Industrial Complex / Image Courtesy of Ministry of Land, Infrastructure and Transport

The Advanced Bearing National Industrial Complex will be developed on a 1.18 million㎡ (approximately 360,000 pyeong) site in Jeokseo-dong, Yeongju-si, with a total project cost of 233.7 billion KRW (land cost 59.2 billion KRW, development cost 174.5 billion KRW). The targeted industries include primary metal manufacturing, automobile and trailer manufacturing, and electrical equipment manufacturing.

The project implementer is the Gyeongsangbuk-do Development Corporation, which will begin land compensation in the fourth quarter of this year. Completion is targeted for 2027, with an expected economic ripple effect of 5.7827 trillion KRW and employment creation of 3,756 jobs.

Yeongju-si is a region where leading bearing companies such as BearingArt, research institutions (High-Tech Bearing Testing and Evaluation Center), and universities (Dongyang University’s Bearing Specialization Department) are concentrated, forming an industry-academia-research cluster. The Ministry of Land expects synergy effects through agglomeration, as many industrial complexes are located nearby.

The government plans to realize localization and establish a hub for the bearing industry, a core strategic item in materials, parts, and equipment (SoBuJang) with high import dependence, through the development of this industrial complex.

Kim Jeong-hee, Director of Land Policy at the Ministry of Land, Infrastructure and Transport, stated, "We will create an industrial complex that can support the development of next-generation national growth engines by fostering technologies such as low-friction special bearings for electric vehicles to improve power transmission efficiency, cryogenic ball bearings for space launch vehicles, and long-life large bearings for wind power generation."

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