“South Korean Inzi Controls will be constructing a battery manufacturing plant in Komárom with an investment of 14.8 billion forints (EUR 45.7 million)”, Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday in Budapest at a press conference to officially announce the investment project.

The Minister said the Government is contributing 1.63 billion forints (EUR 5 million) towards the project in view of the fact that the production of electric batteries for cars will create 122 new workplaces in the city.

“Inzi Controls, which is present in Asia and the United States, will be opening its first European plant here in Hungary”, Mr. Szijjártó added.

The Minister welcomed the fact that another major South Korean company is reinforcing the state of the Hungarian automotive industry in the sector’s new era. “Thanks to investors from East Asia, Hungary is the 17th largest exporter of batteries for electric vehicles, and further investments on their part could reinforce economic relations”, he explained.

“It is also thanks to this that trade flow between South Korea and Hungary increased by 45 percent last year, and the almost fifty South Korean companies operating in Hungary are providing jobs to six thousand people”, the Minister emphasised.

According to Mr. Szijjártó, the success of enterprises may be decided by developments and their as rapid as possible exploitation, while competition between countries depends on investments.

“Hungary has won yet another investment amidst stiff competition, bringing it one step closer to an annual 10 trillion forints (EUR 30.9 billion) in automotive industry production”, he added.

Member of Parliament for Komárom Judit Beralan Csunyiné (Fidesz) called the region a dependable partner to investors that are aiming to export to the European market, adding that in her opinion, in addition to the Government’s measures, it is also to a significant extent thanks to the local development of the automotive industry that unemployment in the County has fallen to just 2 percent from 13 percent in 2010.

Managing Director of Inzi Controls’ Hungarian subsidiary Cho Yun Hyung said that in addition to the significant level of government funding and the highly trained workforce, the parent company’s decision to invest in Komárom was also justified by the region’s favourable location. According to the Managing Director, Hungary occupies a favourable position in European logistics, and accordingly the possibility of further investments is not out of the question.

Inzi Controls is a supplier to, amongst others, Audi, Volkswagen and Continental, and a technological partner to Bosch. Inzi Controls Hungary Ltd. was registered last autumn, with production expected to start in the beginning of next year. Previously, South Korean SK Innovation also chose Komárom as the base of operations for its European battery production, while Samsung is converting its plant in Göd for similar purposes. Japanese company GY Yuasa also chose Hungary for its first European investment, and is constructing a lithium-ion battery plant in Miskolc.