The South Korean company Kyungshin Cables will soon start building a factory of electronic components for the car industry in Smederevska Palanka, which will employ 1,000 workers, announced the president of the municipality, Nikola Vucen.
– In only a few days, an investment we've been expecting for a long time is to begin, namely, the construction of a factory which will provide 1,000 jobs for our citizens. In a year, a thousand of our fellow citizens will work here. A lot of young engineers and other professionals will find their place in this factory, which will be unique in Serbia, building a future in the automotive electrical industry with our friends from Kyungshin Cables – Vucen wrote on his Facebook profile.
As he announced, the laying of the foundation stone will be attended by Serbian President Aleksandar Vucic.
Let us remind that, in early March, the Memorandum of Understanding was signed
, envisaging the construction of a factory for 700 to 1,000 workers.
The company's delegation announced that it would invest EUR 24 million in the facility and employ 1,000 workers.
The factory will be built in the industrial zone in Guberas in Smederevska Palanka.
Kyungshin Cables co, Ltd. belongs to Kyungshin Group, which produces car parts and delivers them mostly to Hyundai and Kia Motors.
The company's core activities have expanded from automotive and industrial wiring systems to components for high-voltage and low-voltage electric vehicles. Kyungshin Group owns business locations throughout the world, in the USA, Poland, China, Mexico, India, Honduras, Cambodia etc.