Yoon Suk Yeol asks Tesla CEO Elon Musk to invest in Korea

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Yoon Suk Yeol asks Tesla CEO Elon Musk to invest in Korea

Published: 27 Apr. 2023, 09:01 Updated: 27 Apr. 2023, 09:18

President Yoon Suk Yeol, right, chats with Tesla CEO Elon Musk during their meeting at Blair House in Washington on Wednesday. [JOINT PRESS CORPS]

President Yoon Suk Yeol asked Tesla CEO Elon Musk to invest in a factory in Korea at a meeting held during the Korean leader’s state visit to the United States, a presidential official said on Wednesday.

The meeting, which was organized at the request of the Tesla CEO, took place at the Blair House, across the street from the White House in Washington Wednesday afternoon, according to Choi Sang-mok, senior presidential secretary for economic affairs.

Yoon noted that Korea has top-notch manufacturing robots and an advanced labor force, “making it an ideal country for Tesla to run a gigafactory with the highest efficiency,” according to Choi.

The president expressed his intention to actively support Tesla and offer incentives regarding location, workforce and taxes if the EV maker decides to invest in Korea.

Musk said that he would like to visit Korea. He said he is interested in Korea as an investment destination to build a gigafactory, saying that the country is one of his top candidates, according to Choi.

Yoon also said he hopes for greater cooperation between Korean companies and SpaceX to help Korea's space industry grow and innovate and take on new challenges.

Last November, Yoon held a video conference with Musk and encouraged investment in Korea through constructing an electric vehicle (EV) plant.

BY SARAH KIM [kim.sarah@joongang.co.kr]