Allocation of State Land to Korean Investor Approved – Kyungshin Cable Obliged to Build Factory and Employ 700 Workers by 2022

Source: eKapija Tuesday, 26.05.2020. 13:39
(Photo: Facebook/screenshot/Nikola Vučen)
The Commission for Control of State Aid has authorized the allocation of 61,534 m2 of state land to the Korean company Kyungshin Cable Europe for an investment in the production of electronic and electrical equipment for vehicles in Smederevska Palanka.

The investor is obliged to invest no less than EUR 20 million in new main assets by the end of 2022, and at least a fourth of the amount needs to come from funds which contain no state aid. The investor is also obliged to permanently employ at least 700 workers. They may not sell the parcel to a third party before the expiration of a five-year period from the date of the completion of the investment project.

Kyungshin Cable has pointed out that the investment helps realize the greenfield investment which pertains to the construction of a 11,000-m2 facility for two main types of products, one of which is a battery module sensor assembly, whereas the other one pertains to high-voltage components for electric vehicles and their batteries.

Kyungshin Cable has been developing in South Korea since 1974, and the Serbian branch was founded in March 2020. They have factories in China, Mexico, USA and Poland.
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