The Hungarian unit of Korea’s Sangsin will invest 10.5 billion forints (EUR 29.2m) to expand its base in Jászberény, east Hungary, with a 3.15 billion government grant, Minister of Foreign Affairs and Trade Péter Szijjártó said on Thursday.
The investment will multiply the battery parts factory’s output and create 150 jobs, the minister said.
Electric vehicles will be a driving sector of the post-pandemic era, Szijjártó said. The Hungarian government has supported investment in the sector, besides traditional car manufacturing, to secure its place in emerging industrial sectors, he said.
Sangsin’s expansion is the 30th similar investment in the past 5 years, and not the first to come from a South Korean company, he said. Hungary has become one of the largest battery manufacturers thanks to those investments, he said.
Related articleSouth Korean Doosan to More than Double Copper Foil Capacity in Hungary
South Korea’s Doosan will spend 75 billion forints (EUR 204m) to more than double the capacity at its copper foil base in Tatabánya, in north-western Hungary, the minister of foreign affairs and trade announced on Friday. The investment will boost annual capacity for copper foil for electric vehicle batteries at the base from 10,000 tonnes […]Continue reading
Szijjártó welcomed that trade between the countries grew by 24 percent in 2020 despite the coronavirus pandemic.
In the featured photo: Sangsin Hungary managing director Cho Beomhee. Photo by Noémi Bruzák/MTI