Gyeongbuk Industrial Complex Additional Supply of 3.55 Million ㎡: Opportunities for Companies?

The 5th Industrial Complex Master Plan confirmed and announced by the Ministry of Trade, Industry and Energy in 2026 presents a 10-year roadmap for Gyeongsangbuk-do companies. Gyeongbuk's total industrial land area is set at 21.31 million ㎡, representing an additional 3.55 million ㎡ (approximately 20%) from existing levels. Annual new demand is estimated at 2.131 million ㎡, meaning approximately one 550,000 ㎡ industrial complex can be newly developed each year.

This plan's importance goes beyond simply 'increasing land.' Gyeongsangbuk-do plans strategic industrial complex deployment centered on future industries including semiconductors, secondary batteries, bio, and nuclear decommissioning. Industrial complexes will be developed according to each region's specialized industries: Gyeongju for nuclear and automotive parts, Pohang for steel and secondary batteries, Gumi for semiconductors and displays.

Particularly, the Industrial Cluster Development Act Enforcement Decree revision implemented July 2, 2024 enhances this plan's execution power. Entry industry regulations were eased to enable entry for industries previously difficult to enter industrial complexes, and business operators' funding methods were diversified to facilitate industrial complex development using PF (project financing). This is expected to lead to activation of private-led industrial complex development.

Myeonggye Industrial Complex expansion is noteworthy in Gyeongju region. Myeonggye Industrial Complex 3 already achieved KRW 12.5 billion investment attraction (Taewoong Industries KRW 7.7B/15 employees, Soo System KRW 4.8B/27 employees), strengthening its status as an automotive parts cluster. Additionally, Gyeongju Oedong Industrial Complex was selected for the 'Culture-Leading Industrial Complex' competition project, with infrastructure improvements underway for aging facility renovation and new industry attraction.

From corporate perspectives, 'timing' is key to seizing this opportunity. Competition intensifies when new industrial complex lot sales announcements are made, with companies having advance permit preparations preempting advantageous positions. Having documents required for factory establishment approval, funding plans, and business plans prepared in advance enables quick entry contract conclusions after lot sale announcements.

Real-time verification of each industrial complex's lot sales status and occupancy rates is possible at Korea Industrial Complex Corporation's Industrial Location Information Center (industryland.or.kr), while location condition verification and online civil petition applications are available through the Factory Establishment Online Support System (factoryon.go.kr). We strongly recommend active utilization of these two systems.

The additional 3.55 million ㎡ supply is clearly an opportunity for companies planning to build factories in Gyeongbuk. However, opportunities open only to the prepared. Starting location analysis, permit reviews, and funding plans now will enable riding the wave of Gyeongbuk manufacturing growth over the next decade.