The facility, to be built in Salgótarján, will manufacture aluminium battery terminals for electric vehicles and will create 200 new jobs (approx.).
Minister of Foreign Affairs and Trade, Péter Szijjártó, said: "The Government would like to develop Hungary into a production location within this field, and it regards South Korea as an ally in view of the fact it is in the most part investments realised by South Korean enterprises that are designating the winners of the new industrial era."
According to the Minister, the Hungarian automotive industry’s annual production value is expected to exceed EUR30.7 billion next year.
To reason the choice of the plant’s location, Ri KI Jeon, President of Bumchun Precision Co. Ltd., said the local workforce is well trained, the city's industrial infrastructure is highly developed, and the geographical location provides favourable logistics conditions.