site.btaEconomy Minister Karanikolov: S Korean Company Mulls Investing over EUR 1.5 Bln in Electric Car Battery Plant in Bulgaria

September 25 (BTA special correspondent Antoan Nikolov) -
 Representatives of one of the largest South Korean companies,
other than Hyundai, are now in Bulgaria looking into a possible
investment of over 1.5 billion euro in an electric car battery
maker, Economy Minister Emil Karanikolov told reporters here. He
 is in South Korea as part of a Bulgarian delegation led by
Prime Minister Boyko Borissov.

Bulgaria is competing for this investment with two more
countries, said Karanikolov, without naming them. Four locations
 have been suggested for such a plant and the South Korean
company which is  in Sofia now is considering two of them, he
said.

A possible strategic partnership in the electric car industry
and setting up a test drive centre for autonomous cars in
Bulgaria was discussed with Hyundai, said Karanikolov when asked
 about the Bulgarian delegation's visit to the Hyundai Motor
Group's Powertrain R&D Center in Hwaseong on Wednesday. The
possible manufacture of electric car parts, mainly batteries,
was also on the agenda.

The Economy Minister specified that these negotiations were
unrelated to the investment in an electric car battery maker in
Bulgaria mulled by another South Korean company. He declined to
name it so as not to cause problems for it.

Hyundai suggested that Bulgaria contact their European
headquarters whose representatives could explore strategic
partnership options, Karanikolov said.

He added: "We are not talking investments right now. The point
is to present Bulgaria as an extremely good destination for a
future investment. If they choose a segment, we will announce a
concrete investment." DS/DD


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