The President of Serbia, Aleksandar Vucic, said today that the beginning of the work of the Korean factory “Kyungshin Cable” is important for the public finances of Smederevska Palanka, the Danube District, but also the entire country.
During the ceremonial opening of the factory in the industrial zone Guberash in Smederevska Palanka, he said that Serbia had beaten Albania, Bulgaria and Turkey in the competition to attract that investment.
He assessed that Serbia will attract more South Korean investments and that it is a country from which “a lot can be learned”.
“Your technical knowledge and work habits are something we would like to learn and acquire. We will fight for your long-term stay, and we believe that when you expand your business, you will not even think about other countries because of the conditions Serbia offers,” Vucic said.
He also stated that fewer people are moving out of that area and from the country in general due to the growth of employment, and that the bigger problem for the demographic picture is that fewer children are being born.
“I am asking people to take care and have more children. That is my request for you. We are not even close to simple reproduction,” the President of Serbia stated.
Kyungshin Cable Europe CEO Jae-Keun Seo said that the company received hundreds of millions of euros worth of orders in the field of green technologies, and that it would continue to follow the trend of development and distribution in that area.
“Now we are about to create a branch in Serbia, which is trusted by both clients and the local community,” said Jae-Keun Seo.
Korean Ambassador to Serbia Hyong-Chan Che estimated that the construction of this factory would be impossible without the close cooperation of all actors.
“I thank President Vucic, who helped from the very beginning of the investment project. I can assure you that we will continue to cooperate in building sustainable prosperity,” the ambassador said.
Kyungshin Cable will produce parts for traditional cars, components for their high-tech electric batteries.
This is an investment of 20 million euros, the first in that part of Serbia in the past 60 years, which included the construction of a factory, supporting infrastructure and the gradual employment of 700 workers by the end of 2022.
After the factory in Poland, this is the only one in Europe of this company that aims to deliver environmentally friendly automotive components to European manufacturers and suppliers of batteries for electric vehicles, eKapija reports.
The company announced that by opening a factory in Serbia, it will establish a system that will “effectively respond to consumer and market demands”, localizing sectors such as research and development, production, sales and service in Europe, which is one of the world’s three leading markets. USA and China.
