Finance Minister Kim Dong-yeon says North Korea’s participation in the PyeongChang Olympics will create additional economic benefits for the South on top of the gains it will reap from hosting the international sporting event. 

He made the remark before the National Assembly’s Strategy and Finance Committee on Friday where he was asked whether the North’s presence at the Games makes any difference for the South economically. 

The minister said the peaceful mood between the two Koreas will help stabilize the South Korean economy and boost its credibility across the world, and added that he expects it will have a considerable impact on the country. 

In regards to whether the government has an emergency plan in place to deal with the possibility of General Motors closing down its Korean factories, the minister said it is not easy to speculate on how the situation will develop, but the government is preparing for various scenarios. 

He added the Finance Ministry will coordinate with the Trade, Industry and Energy Ministry if the problem concerning GM Korea gets serious.