South Korea pitches investments to Elon Musk

South Korean President Yoon Suk-yeol met Tesla CEO Elon Musk in Washington, DC, to encourage investment in South Korea. The two held the meeting on Wednesday at Musk’s request, while Yoon is on a six-day state visit to the US. According to Yonhap, a South Korean news agency, Yoon praised South Korea as an ideal country for Tesla to build a gigafactory, citing the country’s cutting-edge industrial robots and high-skilled workers. He also promised tax benefits and other support to attract the electric-vehicle manufacturer’s manufacturing plant.

Musk expressed his appreciation for the support offered by South Korea and stated that the country is one of the top candidates for a Tesla Gigafactory. He also said that he expects to visit the Asian country. Reuters reported that Tesla and Musk have not yet commented on the meeting.

In November 2021, Yoon announced that South Korea would offer “tailored” incentives to encourage Tesla’s investment, following a video call with Musk. The incentives would minimize risks posed by hardline unions.

In March 2023, Musk announced plans to build a new Tesla factory in Mexico, which would be its first plant outside of the US, Germany, and China. Other countries, including Canada and Indonesia, have also been cited as potential candidates for new Tesla factories.

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