Yeongju Advanced Bearing National Industrial Complex Spanning 360,000 Pyeong Receives Final Approval from Ministry of Land, Infrastructure and Transport... Construction to Begin Next Year

Yeongju City Holds 'Vision Declaration Ceremony' at City Hall

Park Nam-seo, Kim Jin-young, Park Soo-hyung, Kim Hak-hong Attend

Yeongju City has taken flight as an advanced industrial city.

The Yeongju Advanced Bearing National Industrial Complex received final approval from the Ministry of Land, Infrastructure and Transport on the 25th, achieving the fastest approval among national industrial complexes applied for in the past five years. This is the fruit of a long journey of about five years since Yeongju City was designated as a candidate site for the national industrial complex in August 2018.

Aerial view of Yeongju Advanced Bearing National Industrial Complex.

Once the national industrial complex is completed, conditions will be created to attract excellent companies and talent, laying the foundation for Yeongju City to leap forward as a hub for the future strategic material and component industry.

In addition, with Yeongju City at the center, the development of advanced industries such as bearing localization will provide a driving force, resulting in a population increase of about 10,300 people, including approximately 4,700 direct and indirect jobs, and an annual economic inducement effect of 76 billion KRW within Yeongju City.

According to the approval notice, the Yeongju Advanced Bearing National Industrial Complex was finally decided to cover an area of 1.18 million square meters (360,000 pyeong) in Jeokseo-dong and Gwonsun-ri, Munsu-myeon. It consists of 60.3% (710,000㎡) industrial facility land, 4.2% (50,000㎡) support facility land, and 34.3% (400,000㎡) public facility land. The targeted industries include 16 sectors such as bearings (including upstream and downstream), machinery, and lightweight materials.

With the approval of the national industrial complex, Yeongju City will begin the full-scale compensation procedures such as land compensation plan announcement and appraisal from the second half of this year, aiming to start construction in 2024 and complete it by 2027.

At the same time, Yeongju City plans to firmly establish the foundation for the clustering of advanced bearing industries, upstream and downstream bearing companies, and lightweight material-related companies, and to promote related policies such as financial support for resident companies, industrial infrastructure construction, and professional workforce training to attract promising companies that will lead the development of the material and component industry, enabling regional and corporate growth together.

Yeongju City (Mayor Park Nam-seo) and the Citizens' Promotion Committee for Early Establishment of the Advanced Bearing Cluster (Chairman Kim Jin-young) held a ‘Vision Declaration Ceremony’ on the designation and approval of the national industrial complex at the Yeongju City Hall auditorium on the same day.

This declaration ceremony was held to celebrate the approval of the first national industrial complex designation in the northern Gyeongbuk region and to leap forward as a bearing-centered city from the creation of the industrial complex to successful company attraction.

About 100 people attended the ceremony, including Kim Jin-young, Chairman of the Citizens' Promotion Committee; Park Nam-seo, Mayor of Yeongju City; Kim Hak-hong, Vice Governor of Gyeongbuk Province; Park Hyung-su, a member of the National Assembly from the People Power Party and a native of the area; Shim Jae-yeon, Chairman of the Yeongju City Council, along with city council members; Park Sung-man and Im Byung-ha, members of the Gyeongbuk Provincial Assembly; Cho Gwan-seop, Chairman of the Chamber of Commerce; and Lee Jae-hyuk, President of Gyeongbuk Development Corporation, all reaffirming their determination to develop Yeongju as a center for advanced material and component industries.

Kim Jin-young, Chairman of the Yeongju Citizens' Promotion Committee, said, “After relentless efforts, the Yeongju Advanced Bearing National Industrial Complex has become a reality. I sincerely thank everyone who worked tirelessly day and night to achieve the designation approval.”

Mayor Park Nam-seo stated, “It was thanks to the steady interest and cooperation of all members of the local community, including the 100,000 citizens of Yeongju, that the Yeongju Advanced Bearing National Industrial Complex received final approval. We will attract promising companies leading advanced industries so that Yeongju and the northern Gyeongbuk region can become new engines of growth,” expressing his determination.

Park Hyung-su, a member of the National Assembly from the People Power Party, explained the process, saying, “The biggest obstacles to the final approval of the industrial complex were the Ministry of Agriculture, Food and Rural Affairs’ farmland conversion and agricultural promotion area release, the Ministry of the Interior and Safety’s disaster impact assessment consultation, and the Ministry of Environment’s environmental impact assessment consultation. After long negotiations, we were able to put a period to these issues.” He added, “Thanks to the strong support of Yeongju citizens and the Citizens' Promotion Committee, as well as Yeongju City’s enthusiastic handling of the work, we obtained swift approval. We will thoroughly ensure that follow-up projects proceed without any setbacks.”

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