GM Korea Applies for Designation of Foreign Investment Zones

Write : 2018-03-13 10:26:43 Update : 2018-03-13 11:17:01

GM Korea Applies for Designation of Foreign Investment Zones

The Korean unit of U.S. automaker General Motors(GM) has asked South Korean local governments to designate its factory sites as foreign investment zones.

According to industry officials, GM Korea submitted a formal request on Monday afternoon to ask the governments of South Gyeongsang Province and Incheon City to designate its factory sites in Changwon and Incheon as foreign investment zones.

GM Korea also explained its investment plans during a meeting with officials of the local governments in Sejong City. 

The troubled automaker plans to submit a final request again on Tuesday as some of the documents needed supplementation. 

The requests came after GM Executive Vice President Barry Engle last week promised to present an official plan to invest in the Korean market. 

The designation of foreign investment zones would entitle the automaker to seven years of tax benefits.

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