May 27 (SeeNews) - South Korean automotive components manufacturer Kyungshin Cable has started the construction of a 20 million euro ($22 million) factory in Serbia's Smederevska Palanka, Serbian president Aleksandar Vucic said on Wednesday.
The factory will employ 700 and its construction will be completed in six months, Vucic said during the groundbreaking ceremony, according to a press release issued by the president's office.
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"Where Korean investment appears, enormous progress is being made. Some countries have joined the ranks of the most successful countries globally precisely because of Korean investments," Vucic said.
In March, the Serbian economy ministry said that Kyungshin Cable has signed a memorandum of understanding with the local government of Smederevska Palanka for the construction of the factory.
Kyungshin Cable operates within the Kyungshin Group and manufactures electronic components for the automotive industry, mainly cable sets for manufacturers such as Hyundai, Kia, Volkswagen, Ford, Volvo, and BMW.
($ = 0.907299 euro)