South Korean President Yoon Suk-yeol confirmed that the country is willing to offer tailored incentives to Tesla to set up a Gigfactory in the country.
In an interview with Reuters, President Yoon said this:
If Tesla, Space X or other companies are considering more investment in Korea, including constructing a gigafactory, the government will do our best to support the investment. We are preparing a tailored approach to grant some advantages to these specified companies.
The interview came after South Korean officials met with Elon Musk and other senior Tesla executives last week.
One of the major talking points was the labour situation in the country.
South Korea is known for its militant unions, and President Yoon reaffirmed his goal to establish the rule of law to eliminate the risk of unfair labour practices to the Tesla team.
At the moment, South Korea is among the top candidates for a new Tesla factory.
With its highly-skilled workforce and experience in the export auto industry, South Korea would be a logical place to set up a facility.
Other countries in consideration per media reports include Canada, Indonesia, India and China.
There is no timeline for a decision, nor did Tesla provide any insights from their meeting with South Korean officials.