According to the office of South Korean President Yoon Suk Yeol, Tesla CEO Elon Musk has said he considers South Korea to be a top candidate for investment globally.

The statement came following a virtual meeting between the tech billionaire and the President over potential investment by Musk in the country. Musk said he would render a final decision on investment after performing a comprehensive assessment centered around investment conditions, including manpower and technology.

Musk detailed to Yoon his plans to build another gigafactory in Asia for the manufacture of electric vehicles. Tesla’s main factory is presently located in Shanghai, in China. That facility now produces roughly one million vehicles per year after recently doubling its production capacity.

Musk also discussed his desire to invest more in EV charging infrastructure in South Korea, as well as a desire to expand supply chain cooperation with companies in South Korea.

According to the President’s office, Musk said he expected to see Korean firms increase their share of his company’s parts purchases to at least $10 billion by 2023. South Korea already supplies many of the parts used by Tesla in its vehicles.

Korea is home to two major automakers, Hyundai Motor Co. and Kia Corp. It also is the home base for battery makers such as LG Energy Solutions Ltd. The nations; high tech supply networks are already essential to US manufacturing. Now the President envisions leveraging that know-how and supply infrastructure into turning its supply of electric vehicles, rechargeable batteries and semiconductors into key drivers of its future economic growth.

This plan was hindered in August, when the Biden administration passed the “Inflation Reduction Act,” which eliminated tax breaks for foreign-assembled electric vehicles. That essentially eliminated the advantage to making EVs in Korea for export.

Now the nation is seeking to focus its economic efforts on maximizing its supply-chain sales, and partnering with industry-leader Tesla to do so.