South Korean automotive manufacturer Kyungshin starts construction of new factory in Serbia
South Korean automotive components manufacturer Kyungshin Cable started the construction of a EUR 20 million factory in the municipality of Smederevska Palanka, Serbia. The investment is planned to create 700 new jobs. In Smederevska Palanka, the Kyungshin Cable plant will produce components for high-tech electric car batteries, as well as parts for traditional cars.
The groundbreaking ceremony in industrial zone Guberas was held in attendance of the President of the Republic of Serbia Aleksandar Vucic, H. E. Ambassador of the Republic of Korea to Serbia Hyong-chan Choe, Kyungshin Cable’s General Manager Jae-Keun Seo, and the President of the Municipality of Smederevska Palanka Nikola Vucen.
Mr. Jae-Keun Seo, General Manager of Kyungshin Cable, put an emphasis on the general transition of the automotive industry towards electric cars and e-mobility, and the company`s tendency and focus in that direction. As he stated at the groundbreaking ceremony, he is strongly convinced in the success of this new project in Serbia, especially with the great cooperation the company already has with the local community.
Aleksandar Vucic, President of the Republic of Serbia, expressed his gratitude for investing in Serbia, especially in Smederevska Palanka, because this area and community, as he mentioned, will have significant benefits from a project of this kind.
Kyungshin Cable operates within the Kyungshin Group and manufactures electronic components for the automotive industry, mainly for companies such as Hyundai, Kia, Volkswagen, Ford, Volvo, and BMW. Kyungshin Cable International Corporation in South Korea has been operating since 1974, and has factories in China, Mexico, USA and Poland. The construction of the new facility in Serbia will be completed in six months.
LATEST issue 4/2023