GM Korea urges Seoul to reconsider before passage of pro-labor bill

Hector Villarreal, chief executive officer (CEO) of GM Korea, has asked the government to reconsider a controversial pro-labor "yellow envelope bill" ahead of its passage in parliament, industry sources said Sunday. Villarreal made the request Thursday during a meeting between labor ministry officials and executives from the automobile, shipbuilding and steel industries, according to the sources. Expressing serious concerns over the bill, Villarreal reportedly said Korea already carries high risks in corporate-labor relations and warned that parent company General Motors may reassess its Korean operations if the legislation is adopted. While stopping short of directly mentioning a withdrawal, he hinted that GM Korea would no longer serve as a core production base in Asia for global markets under the new law, the sources said. Speculation about a possible GM exit has been growing amid sluggish sales, a lack of new models, and a 25 percent U.S. tariff on imported vehicles imposed in April. The tariff was cut to 15 percent in late July after last-minute negotiations in exchange for Korea's $Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times