GM Daewoo has said it expects to receive support from the South Korean government.
Reuters reported that GM Daewoo vice president Jay Cooney was quoted by a company spokesman as telling reporters that an Economy Ministry official hinted the planned extra government budget would include financial support for key heavy industries – auto, steel and shipbuilding.
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The report added that the spokesman, however, declined to confirm how much help GM Daewoo had asked for, only saying that it needed more funds to develop new models and improve production lines.
The report added that Finance Minister Yoon Jeung-hyun has said this week that the government is about to draw up a supplementary budget to aid the sinking economy.
The extra budget bill would be submitted to parliamentary for approval by March, the minister said.
