GM Korea is shutting down its plant in the western port city of Gunsan today-- after 22-years of operation.<br />It's the result of a decision reached by the South Korean government and the U.S.-based automaker as part of efforts to restructure the company's operations in the country. <br />On the local-level, though,... it's a massive blow to the regional economy. <br />Oh Soo-young reports.<br /><br /> <br /> General Motors has closed one of its four plants in South Korea,... leaving an economic vacuum in Gunsan.<br />The automaker's decision came in February as part of its corporate restructuring efforts,... bringing the factory's 22-year history of car manufacturing to an end.<br />Of the factory's 18-hundred workers, most have taken voluntary retirement, 400 unpaid leave -- while 200 are awaiting placements at GM Korea's three remaining plants.<br />However, the fallout of the shutdown is expected to be far-reaching.<br /> Churning out some 270-thousand vehicles a year,... the factory accounted for half of Gunsan's exports, and a third of total exports for the greater Jeollabuk-do Province.<br /> The livelihoods of some twelve-thousand local workers, employed by 130 affiliates and subcontractors that supplied auto parts to the factory, are on the line.<br />Other local businesses, including restaurants and real estate agencies, are also expected to suffer due to the outflow of workers.<br />To mitigate the impact on the local economy, some 20 million U.S. dollars from the government's supplementary budget this year has been earmarked to support Gunsan's local workers and businesses.<br />The government plans to roll out employment support and take measures to attract new businesses to the city.<br />Even so, most observers doubt the region will ever be able to fill the gap left behind by the departure of the U.S. auto giant.<br />Oh Soo-young, Arirang News. <br />
