(LEAD) S. Korea, U.S. open shipbuilding partnership center to advance MASGA initiative
South Korea and the United States established a new partnership with the launch of the Korea-U.S. Shipbuilding Partnership Center (KUSPC) in Washington. The aim is to boost the U.S. shipbuilding sector with a planned $150 billion investment from Seoul as part of a bilateral trade and investment deal agreed upon last year.
Partnership Center Inauguration Marks a New Chapter in Shipbuilding Industry
The Korea-U.S. Shipbuilding Partnership Center (KUSPC) was officially inaugurated with the presence of senior officials and industry leaders from both nations. The center serves as a key platform to advance the “Make American Shipbuilding Great Again (MASGA)” initiative, focusing on revitalizing America’s shipbuilding industry through joint efforts.
The establishment of the center follows a memorandum of understanding (MOU) signed by South Korea and the U.S. in May, emphasizing the importance of strengthening bilateral cooperation in the shipbuilding sector. Industry Minister Kim Jung-kwan hailed the center as a symbol of South Korea’s unwavering support for America’s shipbuilding industry, aligning with President Trump’s maritime action plan.
Commitment to Strengthening Shipbuilding Industry and Economic Growth
Minister Kim emphasized South Korea’s commitment to the MASGA initiative, highlighting plans to develop shipyards and promote joint research and development activities in the U.S. Korean companies are already actively engaged in various projects aimed at enhancing and modernizing shipbuilding facilities across the country, with a focus on building naval vessels and LNG carriers.
U.S. Commerce Secretary Howard Lutnick expressed the importance of tangible results from the partnership, emphasizing the need for actual ship production in America. He also assured support in addressing regulatory obstacles that Korean companies might face during their investment activities in the U.S., stressing the commitment to removing barriers to production.
Team Korea Signs MOUs to Enhance Shipbuilding Cooperation
In the presence of Minister Kim and Secretary Lutnick, South Korea and the U.S. signed 15 MOUs in key areas such as workforce training, joint technology development, and supply chain cooperation. The establishment of “Team Korea” comprising Korean shipbuilders, industry associations, and research institutes aims to promote shared growth in the South Korea-U.S. shipbuilding industries.
The launch of the Korea-U.S. Shipbuilding Partnership Center signifies a significant step towards creating a safe, resilient, and trusted joint maritime industrial ecosystem, strengthening the long-standing cooperation between the two countries in the shipbuilding sector.
For more information, contact kyongae.choi@yna.co.kr.
