Foxconn recently announced that it has invested 14.3 million euros (US$17 million; US$1= 0.84 euro) in its European plant to boost its smart manufacturing capacity in Komarom, Hungary. The new plant has recently started mass production after six-month trial runs, mainly producing 5G industrial IoT (Internet of Things) equipment. Set up in 2003, the plant has been dedicated to producing desktop PCs, server systems, storage devices, and telecom equipment. Global smart manufacturing market value is estimated at US$468.3 billion in 2027, up from US$202.9 billion in 2019, and is expected to register a CAGR (Compound Annual Growth Rate) of 11% from 2019 to 2027, according to MIC (Market Intelligence & Consulting Institute), a major government think tank and leading IT research institute in Taiwan.