The South Korean government is still closely working with GM on how to revive its Korean unit as the US carmaker is set to shut down one of its four plants in Asia's fourth-largest economy, Seoul's commerce minister has said.

The Detroit-based company announced a restructuring plan for GM Korea in February, including the shutdown of a plant in Gunsan, southern South Korea.

After wage concessions with GM Korea's labor union and intense negotiations with the Korean government, GM and the state-run Korea Development Bank agreed earlier this month to take steps to keep the carmaker afloat.

 "Things related to the Gusan plant have yet to be finalized and more should be done for GM's further investment (in its Korean unit)," Paik Un-gyu, South Korean minister of trade, industry and energy, told reporters Tuesday.

"Our demands are that GM should invest for the future ... and that GM should take advantage of skillful Korean engineers," Paik said. The policymaker said in terms of future cars, South Korea is actually the best market for GM.