Shinheung completes HUF 8 bln Hungarian battery parts plant

Automotive

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South Korean-owned Shinheung SEC has completed a HUF 8 billion battery parts plant in Monor, southeast of Budapest, supported with a government grant of HUF 769 million, Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday. 

Szijjártó meets Shinheung representatives (photo: MTI/ Márton Kovác)

The plant makes parts for batteries of electric cars. The investment will create 300 jobs by the end of 2019, the minister said, according to state news wire MTI.

Trade between Hungary and the Republic of Korea rose 19% to USD 1.7 bln last year, Szijjártó added.

Kim Girin, owner of Shinheung SEC EU Kft., said the plant is the companyʼs first in Europe, adding to the five units it already has in Asia. Shinheung SEC plans to purchase 80% of its feedstock from Hungary from 2019, he added.

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