Elon Musk, CEO of Tesla, and Mongolia's prime minister met on Monday to discuss future development and investment in the Asian country.

According to a release, "they discussed the possibility of welcoming Tesla to Mongolia for its electric vehicle battery factory, leveraging the country's abundant supply of copper and rare earth elements, which are essential components of electric car batteries."

They discussed deploying Starlink, a satellite communications terminals and services provider run by Musk's SpaceX, to Mongolia.

Mongolian Prime Minister Luvsannamsrai Oyun-Erdene and Tesla CEO Elon Musk met virtually on Monday to explore prospective growth and investments in the Asian country.

"They discussed the possibility of welcoming Tesla to Mongolia for its electric vehicles battery factory, leveraging the country's wide availability of copper and rare earth elements, which are essential components of electric cars' batteries," according to a statement issued on behalf of the Mongolian government.

The East Asian country is mineral-rich, with vast amounts of copper, gold, and coal.

"The Mongolian Government is committed to cooperating with international organisations to help accelerate the development of new technologies and increase investment in the country," according to the statement.

According to a statement from the Mongolian government's cabinet secretariat, the country's prime minister emphasised his support for the usage of electric vehicles and urged Mongolian residents to do so.

Musk and Oyun-Erdene also discussed introducing Starlink, a satellite communications terminals and services provider run by Musk's SpaceX, to Mongolia. Starlink was incorporated in Mongolia in 2022 and is set to launch regionally this year.

Musk's meeting with Mongolia's leader comes after the tech titan met with Chinese Vice Premier Ding Xuexiang and other key officials in China last week, as Beijing seeks to depict a welcoming business climate for international firms despite tensions with the United States.

The Tesla CEO praised China's technical advancements and paid a visit to the Tesla gigafactory in Shanghai.