February 20, 2018 / 7:51 AM / 4 months ago

South Korea designates Gunsan city economic 'crisis zone' as GM shutting factory

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.

Members of the GM Korea union, a subcommittee for Korea Metal WorkersÕ Union, hold a meeting to demand GM Korea withdraw its plan to shut down Gunsan manufacturing plant in Gunsan, South Korea February 14, 2018. Yonhap via REUTERS

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

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