Hanwha Group Chairman Advocates for Advanced Technologies and U.S. Shipbuilding Cooperation
SEOUL, Jan. 2 (Yonhap) — In a bold New Year’s address, Hanwha Group Chairman Kim Seung-youn emphasized the urgent need for South Korea to secure future technologies in artificial intelligence (AI) and defense. He also highlighted the importance of enhancing shipbuilding cooperation between South Korea and the United States, particularly through the MASGA project, which stands for “Make American Shipbuilding Great Again.” This initiative aims to revitalize the U.S. shipbuilding industry and strengthen industrial ties between the two nations.
Kim’s remarks come at a time when global competition is intensifying, making it crucial for companies like Hanwha to lead in foundational technologies. He stated, “Only by possessing core technologies that determine the future can we continue to lead for the next 50 or 100 years.” This vision positions Hanwha as a national champion in both the defense and shipbuilding sectors, underscoring its role in the Seoul-Washington industrial cooperation.
Strategic Investments and Future Goals
The MASGA project is a key focus for Hanwha, which has committed to taking full responsibility for its execution, particularly through its acquisition of Philly Shipyard in the United States. In 2024, Hanwha Group purchased the shipyard for 140 billion won (approximately $97 million) as part of its strategy to penetrate the U.S. shipbuilding market. This acquisition marks a significant milestone, as it is the first U.S. shipyard to be acquired by a South Korean shipbuilder, positioning it as a vital component of the MASGA initiative.
Kim stressed the importance of expanding and deepening shipbuilding cooperation between South Korea and the U.S., particularly in the construction of naval vessels and nuclear-powered submarines. This collaboration is expected to enhance the defense capabilities of both nations while fostering economic growth through increased trade and investment.
“Make America Shipbuilding Great Again” Initiative Essential for US-South Korea
In July of the previous year, South Korea signed a trade agreement that reduced U.S. reciprocal tariffs on South Korean goods from 25 percent to 15 percent. In exchange, South Korea pledged $350 billion in investments and $100 billion in purchases of U.S. energy products. Notably, $150 billion of this investment is earmarked for the MASGA project, further solidifying the commitment to strengthen bilateral relations in the shipbuilding sector.
As Hanwha Group continues to navigate the complexities of global markets, its focus on securing advanced technologies and fostering international cooperation will be pivotal in shaping the future of the defense and shipbuilding industries.
