February 13, 2018 / 9:30 AM / a year ago

South Korea government aid to GM Korea dependent on new GM investment: trade minister

SEOUL (Reuters) - South Korea’s trade minister said on Tuesday whether or not the government provides financial aid to General Motors Co’s Korea unit, GM Korea, depends on the company’s new investment into its Korea operations.

“Any support to GM Korea depends on the content of its new investment,” Paik Un-gyu told reporters in Sejong, according to the trade ministry’s press office.

“(The government) cannot commit to financial aid when it’s unclear how much, and for low long, the company will invest.”

GM said it will close one of its four plants in South Korea and incur an $850 million impairment charge as part of a restructuring of its money-losing business in Asia’s fourth largest economy.

Reporting by Cynthia KimEditing by Muralikumar Anantharaman

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