The South Korean company Shinheung is expanding its production capacities at its Monor facility (Pest County), creating 700 new jobs as part of a major investment.
The total investment amounts to HUF 45 billion (approx. EUR 115 million). The Hungarian government is supporting the expansion with HUF 3.6 billion (EUR 9.2 million) in grants. Once operational, the upgraded plant will produce 20 million battery components per month.
Since 2014, South Korean companies have launched 67 joint projects in partnership with the Hungarian government, resulting in over HUF 5,000 billion (EUR 12.8 billion) in investments and 19,000 new jobs. South Korea currently ranks 4th among all foreign direct investors in Hungary.