New Automotive Investment Announced

The new investment of about HUF 21 billion by BC GEN Hungary Ltd., an automotive supplier company with a South Korean ownership, will create four hundred new jobs in Salgótarján, Minister of Foreign Affairs and Trade Péter Szijjártó announced in Budapest. The development is supported by HUF 3.75 billion in Hungarian state subsidy.

According to the ministry's statement, the head of the portfolio reported at the announcement of BC GEN Hungary Ltd.'s new investment that South Korea's Bumchun decided to expand its Salgótarján plant, which is its first factory established abroad, where aluminum battery connectors for electric vehicles will be produced with a tripled capacity.

In his speech, he emphasized that the investment will further strengthen the Hungarian electronics sector, which registered a production value of HUF 4,500 billion in the first five months of the year, and the competitiveness of the sector is clearly demonstrated by the current export ratio of 95%.

He explained that BC GEN Hungary Ltd. represents the highest technological standard, and as such contributes to accelerating the change of dimensions of the domestic economy and increasing added value.

The minister also touched on the fact that South Korean companies already form the third largest investor community in Hungary, basically joining the electric car industry. The value of their investments is slowly reaching ten billion euros, and this can be seen in the bilateral trade turnover, which after a 31% expansion last year set a new record with USD nine billion, he said.