South Korea designates Gunsan city economic 'crisis zone' as GM shutting factory
In this article:
SEOUL (Reuters) - 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.
(Reporting by Christine Kim and Cynthia Kim; Editing by SIion Cameron-Moore)
