The South Korean company Kyungshin Cables and the Municipality of Smederevska Palanka have signed a memorandum of understanding envisaging the construction of a factory that would employ 700 to 1,000 workers.
– In Smederevska Palanka, Kyungshin Cables will produce components for traditional cars, but also components for electric batteries for cars, high-tech products which are the future of the car industry – said the ambassador of South Korea to Serbia, Choe Hyoung-chan.
Kyungshin Cables co, Ltd. is a member of Kyungshin Group, which produces car components and delivers them primarily to Hyundai and Kia Motors.
The company's main field of activities has expanded from automotive and industrial wiring systems and cables to car components for high- and low-voltage electric vehicles. Kyungshin Group owns business locations throughout the world, namely, in the USA, Poland, China, Mexico, India, Honduras, Cambodia etc.
The factory in Smederevska Palanka will have at least 700 employees, and EUR 20 million will be invested in its construction.
As announced earlier, the factory will be built in the Guberas industrial zone
in Smederevska Palanka.