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Shinheung Sec completes HUF 8 bn battery parts plant
March 26th, 2018
South Korean-owned Shinheung Sec has completed a 8 billion forints (EUR 25.5m) battery parts plant in Monor, near Budapest, with a government grant of 769 million, Foreign Minister Peter Szijjarto said on Monday. The plant makes parts for batteries of electric cars. The investment will create 300 jobs by the end of 2019, the minister said. Trade between Hungary and the Republic of Korea rose by 19 percent to 1.7 billion US dollars last year, he added. Kim Girin, owner of Shinheung Sec EU Kft said the plant is the company's first in Europe but they already have five units in Asia. Shinheung Sec plans to purchase 80 percent of its feedstock from Hungary from 2019.
MTI