South Korea Want to Make Batteries for Electric Vehicles in Bulgaria

Business | September 25, 2019, Wednesday // 18:14| Views: | Comments: 0
Bulgaria: South Korea Want to Make Batteries for Electric Vehicles in Bulgaria www.pixabay.com

One of South Korea's largest companies is currently exploring Bulgaria and two other countries for investment of more than € 1.5 billion. This was stated by Bulgarian Minister of Economy Emil Karanikolov, in Seoul, regarding the potential investments in Bulgaria by the Republic of Korea.

Karanikolov is in the lead delegation of Prime Minister Boyko Borissov, who is on an official visit to the Asian country.

Minister Karanikolov said that Hyundai's investment survey in Bulgaria was not related to Volkswagen.

"Volkswagen is looking for a place to build a gasoline and diesel engine plant, while the intentions for an investment project from the Republic of Korea in electric vehicle batteries are not related to Hyundai," Minister Karanikolov said.

"We are talking about batteries for electric cars. They can be for a number of companies," the Economy Minister said. He was adamant that when it comes to investment, transport infrastructure is of the utmost importance.

“We presented Bulgaria and the ideas we have for strategic partnership opportunities at the Hyundai Centre. Their response is to contact their European headquarters, and that will happen as soon as we return to Sofia," Karanikolov emphasized.

The talks, which are being conducted by the Bulgarian and Korean countries, are in the direction of investments for electric, autonomous cars, about the possibility of creating a Test Centre for autonomous cars in Bulgaria, as well as for parts for electric cars and batteries. "They need to come to Bulgaria and do an analysis of what can be implemented on the territory of our country as a strategic partnership," Karanikolov added.

"The most important thing for us is to present Bulgaria as a good destination for their future investment," Karanikolov said. He drew on the positive image of our country in economic terms, pointing to the increase of Bulgaria's credit rating, exports, economic growth and financial stability.

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Tags: South Korea, Bulgaria, electric vehicles, batteries, Hyundai, Volkswagen, Emil Karanikolov
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