Tags: south korea | gm | factory | crisis

South Korea Designates City Economic 'Crisis Zone' as GM Shuts Factory

South Korea Designates City Economic 'Crisis Zone' as GM Shuts Factory
(Mohamed Ahmed Soliman | Dreamstime)

Tuesday, 20 February 2018 07:44 AM

The South Korean government has designated the city of Gunsan as a 'crisis zone' for industry and employment, said presidential spokesman Kim Eui-kyeom on Tuesday, after General Motors announced last week it would be shuttering a factory there.

Designated crisis zones become eligible for special government subsidies like cheap loans and financial support for those laid off.

The Detroit automaker announced last week that it would shut its plant in Gunsan, southwest of Seoul, by May and decide the future of the remaining three plants in the country within weeks. 

© 2018 Thomson/Reuters. All rights reserved.

   
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South Korea Designates City Economic 'Crisis Zone' as GM Shuts Factory
south korea, gm, factory, crisis
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2018-44-20
Tuesday, 20 February 2018 07:44 AM
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