Bumchun Precision is to construct its first plant outside South Korea in Hungary with an investment of EUR40.8m (US$45.3m).

Minister of Foreign Affairs and Trade, Péter Szijjártó says the Hungarian government is providing EUR8.13m in funding towards the investment as the plant will be creating 200 new jobs.

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The facility, which will be built in Salgótarján, will manufacture aluminium battery terminals for electric vehicles.

“The Government would like to develop Hungary into a production location within this field, and it regards South Korea as an ally in view of the fact it is in the most part investments realised by South Korean enterprises that are designating the winners of the new industrial era,” said Szijjártó.

“South Korea is the world’s second largest exporter with relation to e-mobility and Korean enterprises are the market leaders in all of the related fields, and for this reason the marked development of economic relations between the two countries is also expected to mean success for Hungary.

“This is the first year in the history of the investment promotion system in which the most investment didn’t come from Germany, but from South Korea.”

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The Minister said he expects the Hungarian automotive industry to exceed an annual production value of more than EUR30.7bn next year.

The South Korean company was founded in 1982, and in addition to producing and developing parts for electronic equipment and mobile phones, it also recently became involved in manufacturing batteries for electric vehicles.