South Korea's Yoon ready to offer benefits for Tesla gigafactory
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HISTORY: Yoon was on a video call with Tesla CEO Elon Musk last week, when Yoon's office quoted Musk as saying South Korea was among the top candidate locations for a factory to build electric vehicles.
"If Tesla, SpaceX or any other company considers more investment in Korea, including building a gigafactory, the government will do our best to support the investment," Yoon told Reuters in his office.
Yoon mentioned ensuring that regulations are aligned with international standards so that foreign companies do not face unexpected financial and regulatory hurdles, and providing a highly skilled workforce.
"We are preparing a tailored approach to give some advantages to these particular companies," Yoon said through an interpreter when asked what advantage South Korea can offer Tesla over other mentioned locations.
Tesla has announced that it is considering building another gigafactory. While Canada, Indonesia, India and Thailand have been mentioned in media reports, analysts noted that these countries do not have the type of automotive supply chain South Korea has, although some do have abundant natural resources such as nickel.
Yoon credited his government's harsh response to major union strikes this year with starting the process of establishing the rule of law in industrial relations for both management and workers.
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