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.
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