South Korean firms hit by GM plant shutdown to get US$37m aid
The logo of GM Korea is seen at its Bupyeong plant in Incheon, South Korea, Mar 12, 2018. (Photo: Reuters/Kim Hong-ji)
SEOUL: South Korea's central bank said on Monday (Mar 26) it would grant 40 billion won (US$37 million) of aid to mid-to-small sized companies that are hit by the shutdown of a General Motor's plant."There could be more aid if needed after monitoring the demand and overall impact on the local economy," said BOK in Monday's statement.South Korea began doing due diligence on GM Korea to decide whether to extend financial support to the loss-making operations of GM, after the US automaker announced a restructuring of the unit and a closure of one of the plants.
Source : http://www.channelnewsasia.com/news/business/south-korean-firms-hit-by-gm-plant-shutdown-to-get-us-37m-aid-10076130