Finance Minister Kim Dong-yeon has called for swift and sincere dialogue between the management and labor of GM Korea after talks between the two sides over the company's fate fell apart earlier this week.

Kim, who is in Washington to attend the Group of 20 finance ministers gathering and meetings of the World Bank and International Monetary Fund, made the remark during a conference call to discuss the GM Korea situation. 

The telephone meeting included related ministers in Seoul, the chief of the Financial Services Commission as well as chairman Lee Dong-gull of Korea Development Bank(KDB), GM Korea's main creditor.  

Minister Kim said a failure to reach an agreement will threaten the jobs of over 150-thousand workers, including 14-thousand GM Korea employees and 140-thousand workers at partner firms and subcontractors. 

He said that local economies where GM plants and partner firms are located will also be dealt a major blow. 

He called on the automaker's Korean unit to present a mid-to-long tern investment plan and do its best to persuade its labor union.

He also urged unionized workers to share the pain from the perspective of the general public in efforts to normalize the firm's management.

The minister explained that if the two sides can reach an agreement on restructuring, the government and the KDB will conduct due diligence with the company as quickly as possible and discuss normalization measures.

He said government support will also be swiftly discussed, and vowed to continue onsite inspections and policy efforts to minimize damage for partner firms, such as extending maturity on debt and providing financial aid. 

After talks between GM Korea's management and union fell apart on Friday, the deadline for negotiations was extended to 5 p.m. Monday.