South Korean President Yoon Suk-yue said that incentives will be "tailored" to encourage Tesla to build a Gigafactory in South Korea.

(Reuters file photo)

[Financial Channel/Comprehensive Report] Elon Musk, the CEO of the electric vehicle manufacturer Tesla (Tesla), recently revealed that South Korea is one of the first choices for Tesla to set up a new plant in Asia. It said it would provide "tailor-made" incentives to encourage Tesla to build a superfactory in South Korea and would do its best to reduce potential risks that radical unions might bring.

"Reuters" reported that Yin Xiyue held a video conference with Musk last week. The statement from the presidential office quoted Musk as saying that South Korea is one of the best candidates for Tesla's new factory.

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Yin Xiyue said in an interview with Reuters on Monday (28th) that if Tesla, Space X or other companies consider making more investment in South Korea, including building a super factory, the government will do its best to support this investment.

Yin Xiyue pointed out that South Korea can provide technical talents, and the government will also ensure that relevant laws and regulations comply with international norms to avoid unexpected financial or regulatory obstacles for foreign companies.

South Korea is preparing tailor-made programs to provide some advantages to these specific companies.

Tesla has previously said it would consider building another Gigafactory, and Canada, Indonesia and Thailand have all been named as possible locations in past reports.

But analysts point out that although some of these countries are rich in natural resources, such as nickel and other minerals, these countries do not have the same automobile supply chain as South Korea.

Yin Xiyue also mentioned in the interview that "radical union culture" is a serious problem in South Korean society, and said that he told Musk that the goal of the Yin government's labor policy is to establish the rule of law and eliminate the risk of unfair labor practices.

Yin Xiyue also accused the former government of frequently compromising with unions, creating a vicious cycle of illegal strikes, leading to more serious strikes and illegal actions by unions.

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