Bumchun Precision will reportedly construct an aluminium battery terminals manufacturing facility in Hungary with an investment of EUR40.8 million (US$45.3 million). As per the report, Hungarian government is providing EUR8.13 million in funding towards the investment.
The facility, to be built in Salgótarján, will manufacture aluminium battery terminals for electric vehicles and will create 200 new jobs (approx.).
Minister of Foreign Affairs and Trade, Péter Szijjártó, said: "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."
According to the Minister, the Hungarian automotive industry’s annual production value is expected to exceed EUR30.7 billion next year.
To reason the choice of the plant’s location, Ri KI Jeon, President of Bumchun Precision Co. Ltd., said the local workforce is well trained, the city's industrial infrastructure is highly developed, and the geographical location provides favourable logistics conditions.
Bumchun Precision produces and develops parts of electronic equipment and mobile phones and recently started manufacturing batteries for electric vehicles.
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