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SANGSIN HUNGARY TO INVEST HUF 10.5 BN TO EXPAND E HUNGARY BASE

 

The Hungarian unit of Korea’s Sangsin is investing 10.5 billion forints (EUR 29.2m) to expand its base in Jászberény, in eastern Hungary, with a 3.15 billion government grant, Minister of Foreign Affairs and Trade Péter Szijjártó announced. The investment will multiply output of the plant that manufactures battery components and create 150 jobs. Electric vehicles will be a driving sector of the post-pandemic era, and the government has supported investment in the sector to secure its place in emerging industrial sectors, he said. Sangsin’s expansion is the 30th similar investment in the past 5 years. Hungary has become one of the largest battery manufacturers thanks to those investments, he said, adding that trade between the countries grew by 24% in 2020 despite the coronavirus pandemic.