BELGRADE (Serbia), March 9 (SeeNews) – South Korean company Kyungshin Cables plans to invest 20 million euro ($22.8 million) in the construction of electric vehicle charger cable sets in Serbia's Smederevska Palanka, the Serbian economy ministry said.
Kyungshin Cables plans to start the construction of the factory in April and to complete it in 2021, the Serbian economy ministry said in a statement on Friday.
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It will employ 700 people.
The South Korean company signed a memorandum of understanding (MoU) with Smederevska Palanka's city government for the construction of the factory, the economy ministry said.
Kyungshin Cable operates within the Kyungshin Group and manufactures electronic components for the automotive industry, mainly cable sets for manufacturers such as Hyundai, Kia, Volkswagen, Ford, Volvo, and BMW.
($ = 0.8775 euro)