South Korean Shinheung's capacity expansion in Monor has created 700 jobs, further strengthening Hungary's role in the electric car industry revolution. That is according to Péter Szijjártó, Minister of Foreign Affairs and Trade, who spoke at the handover of the project in Monor, southeast of Budapest. The South Korean battery component manufacturer's HUF 45 billion capacity expansion, 8% of which is covered by Hungarian taxpayers through a government decision, promises to create 700 new jobs.
In his speech, the minister emphasized that this is the company's first European factory, where 20 million parts for electric batteries will be produced each month for the world's largest car manufacturers.
He pointed out that South Korean companies currently constitute the fourth largest investor community in Hungary, thanks in part to the fact that the Hungarian government has provided them with state subsidy in 67 cases since 2014, inducing more than HUF 5,000 billion in investment and contributing to the creation of 19,000 new jobs.
He added that as a result, Hungarian-South Korean trade has grown significantly, now worth more than USD 6 billion annually.
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