In an effort to help mitigate the effects of GM Korea's downsizing, the Financial Services Commission asked state-run policy banks to provide financial support to local subcontractors of the American auto giant. <br /> Meeting with the heads of banks Thursday, the Seoul's top financial regulator Choi Jong-ku said they should work to prevent the subcontractors from becoming more financially destabilized.<br />He added financial authorities will set up a task force to inspect and support subcontractors affected by GM Korea's decision to downsize its operations back in February. <br /> Choi urged both the automaker and its labor union to reach an agreement on a turnaround plan as quickly as possible... as government's efforts would mean nothing unless there is a deal.<br />Meanwhile, in order to speed up the negotiations, GM Korea has applied for its sites in two different regions to be classed as foreign investment zones.<br />If accepted, they'll be granted corporate tax benefits for up to seven years. <br />
