February 19, 2018 / 6:30 AM / in a year

S.Korea's Moon says GM factory shutdown will be a blow to regional economy

SEOUL, Feb 19 (Reuters) - South Korean President Moon Jae-in said on Monday General Motors’ decision to shut down a factory south of Seoul will be a blow to the region and asked relevant government ministries to take measures to shore up economic activity there.

GM announced last week it will shutter the plant in Gunsan, in South Korea’s southwest, by May and decide within weeks on the fate of the remaining three plants in the country.

“Especially, the decline in employment (at GM) and subcontractors will be difficult to bear for Gunsan City and North Jeolla province,” Moon told his aides at a regular meeting.

Moon also asked his government to act sternly in trade talks with the United States, expressing worry over curbs on imports from other countries recently imposed by Washington. (Reporting by Christine Kim Editing by Muralikumar Anantharaman)

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