South Korean company Kyungshin Cables plans to invest 20 million euros in the construction of a factory for electric vehicle charger cable sets in Smederevska Palanka (Serbia).

The local government of Smederevska Palanka and Kyungshin Cables on Friday signed a Memorandum of understanding (MoU) for this project, which will employ at least 700 people.

Kyungshin Cables plans to start the construction of the factory in April and to complete it in 2021.

MoU was signed by major of Smederevska Palanka, Mr. Nikola Vucen, and director Kyungshin Holdings Mr. Kim Cheon Hee, and in a presence of Minister of Economy of the Republic of Serbia Mr. Goran Knezevic, H.E. Ambassador of the Republic of Korea Choe Hyoung Chan, representatives of company and also representatives of Development Agency of Serbia.

Kyungshin Cable operates within the Kyungshin Group and manufactures electronic components for the automotive industry, mainly cable sets for manufacturers such as Hyundai, Kia, Volkswagen, Ford, Volvo, and BMW.