US President Joe Biden and South Korean President Yoon Suk-yeol arrive for a news conference in the Rose Garden of the White House in Washington, DC, on April 26, 2023. (PHOTO / AFP)
WASHINGTON – South Korea and the US agreed to boost economic partnerships in critical technology industries such as microchips, electric vehicles and batteries, said South Korean President Yoon Suk-yeol.
Yoon met with Tesla CEO Elon Musk on Wednesday in Washington to call for investment in his country. The two met at Musk's request as Yoon is in the US for a six-day state visit, said Choi Sang-mok, Yoon's senior economic secretary, according to a transcript of a news briefing Choi gave in Washington on Wednesday provided by Yoon's office.
Yoon said that from a joint venture involving a South Korean and a US firm in 1965, South Korea had risen to become the global leader in memory semiconductor production, accounting for 60 percent of global market share
Yoon touted South Korea as an ideal country for Tesla to build a gigafactory, citing the country's cutting edge industrial robots and high-skilled workers, Choi said.
"(President Yoon) also said he would actively support Tesla in terms of location, human resources and tax if it makes the investment decision," Choi told reporters.
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Musk told Yoon that South Korea remains as one of the top candidates for Tesla's Gigafactories, and he would have an opportunity to visit the Asian country, according to Choi.
Tesla and Musk did not immediately respond to a request for comment.
In November, Yoon told Reuters that the country would offer "tailored" incentives and minimize any risks posed by unions to encourage Tesla's investment, days after he had a video call with Musk.
Yoon said on Tuesday the South Korean-US alliance must "leap into a new phase" to jointly overcome complex crises, including slowing economic growth, technology competition with strategic rivals and climate change.
"Competition for technological hegemony, energy issues and climate crises are casting more uncertainties on business activity day by day," Yoon said.
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Yoon said that from a joint venture involving a South Korean and a US firm in 1965, South Korea had risen to become the global leader in memory semiconductor production, accounting for 60 percent of global market share.
"This cooperation should extend beyond semiconductors to future emerging technologies such as AI, Quantum, SMR (Small Modular Reactors) and more," Yoon said.
"Core technologies from the United States and South Korea's advanced manufacturing capabilities would "create enormous synergies that will benefit both countries," he said.