Inzi Controls to invest HUF 14.8 bln in Komárom
South Koreaʼs Inzi Controls is investing HUF 14.8 billion in building a battery plant for electric vehicles in Komárom (NW Hungary), Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday. The government is providing HUF 1.63 bln funding for the project as the plant will create 122 jobs.
Szijjártó said at a press conference in Budapest that Inzi Controls would be opening its first European plant with the investment, with production expected to start early next year.
The minister welcomed the arrival of another major South Korean company, reinforcing the domestic automotive industry.
“Thanks to investors from East Asia, Hungary is the 17th largest exporter of batteries for electric vehicles, and further investments on their part could reinforce economic relations,” he was cited as saying by official government website kormany.hu. “It is also thanks to this that trade flow between South Korea and Hungary increased by 45% last year, and almost 50 South Korean companies operating in Hungary are providing jobs to 6,000 people,” he added.
Inzi Controls Hungary Managing Director Cho Yun Hyeong said the parent company chose the Hungarian site because of the significant government subsidy, skilled local workers and favorable location. He did not rule out the possibility of further investments.
Inzi Controls supplies parts to Audi, Volkswagen and Continental, among others, and is a technological partner of Bosch.
Kormany.hu noted that previously, South Koreaʼs SK Innovation also chose Komárom as the base of operations for its European battery production, while Samsung has converted its plant in Göd for similar purposes. Japanʼs GS Yuasa also chose Hungary for its first European investment, building a lithium-ion battery plant in Miskolc.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.