Another South Korean company to enter the Hungarian e-mobility market - VIDEO REPORT

Another South Korean company to enter the Hungarian e-mobility market - VIDEO REPORT

2020. 02. 24.

Levente Magyar, Deputy Minister of Foreign Affairs and Trade

Lotte Aluminium will soon produce aluminium anode foils for batteries in Tatabánya. To be built in the framework of an investment of EUR 133 million, the greenfield manufacturing plant of the South Korean company will provide jobs for 107 people in the region.

Originally founded in Seoul in 1966, Lotte Aluminium is engaged in the production of aluminium foil, packaging, cardboard boxes, tin cans and plastic bottles. The company is still headquartered in South Korea and has production lines in China and Indonesia, apart from this. Lotte Aluminium plans to begin production in June 2021 in the newly announced plant.

South Korea is currently the 11th largest investor in Hungary, while two companies from this Far East country, Hankook and Samsung, are already strategic partners of the government. In 2017, Samsung SDI opened a battery factory in Göd, and since then, Hungary could have announced a number of investments to further strengthen our position in this sector. In March 2018, SK Innovation announced to establish a battery cell factory in Komárom, while production began at the Shinheung Battery Component Factory in South Korea in 2018. And last October, Samsung SDI revealed the plans of the expansion in Göd which was to create 1,200 new jobs.

Tatabánya hosted several major investments in recent years: leading the tyre market, Bridgestone completed its third major development in 2019. The cornerstone of South-Korean Doosan's copper foil manufacturing plant was laid in 2019, too. Finally, electronics manufacturer Sanmina decided in 2018 to upgrade its Tatabánya plant for EUR 20 million. In addition, the South Korean Soulbrain announced its electrolyte-production investment in February this year.

Value added generated by the electronics sector in 2018 reached 3.1 percent of the total national value added. In 2018, the industry grew by 10.6%, which was surpassed by the 10.8% rate in 2019. The production value of the sector was as many as HUF 5,623.5 billion in the last year.

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