Korean battery parts manufacturer to expand plant

Written by BT/MTI

Countries drawing investments of electric car manufacturers will be the “winners” of the new economic world order, Peter Szijjarto, the minister of foreign affairs and trade, said on Friday.

Announcing the expansion of a plant of South Korean Sang-A Frontec, which manufactures plastic parts for electric car batteries, Szijjarto said South Korean companies are the fourth largest group of investors in Hungary. Bilateral trade jumped by 37 percent last year to nearly 7 billion dollars, he said.

The 10 billion forint (EUR 26.7m) investment in Szada, near Budapest, has received a 1.4 billion forints in government grant, and will create 55 jobs, he said.