South Korean President Lee Jae Myung has pledged to revitalize the U.S. shipbuilding industry during his official visit to the United States.
Trump, Lee Push for Stronger US–Korea Shipyard Ties
President Lee’s visit to the U.S. has been marked by his commitment to rejuvenating the American shipbuilding sector. He met with U.S. President Donald Trump on Monday, reported Reuters.
Lee’s visit also includes a trip to a shipyard owned by South Korea’s Hanwha Group, where he will highlight investment plans. Hanwha, which acquired the facility last year, aims to invest up to $5 billion to increase its output from less than two vessels a year to as many as 20.
Lee has expressed confidence in the Korean shipbuilding industry’s ability to revitalize the U.S. shipbuilding sector, potentially creating a new era of mutual prosperity. South Korean shipbuilders such as HD Hyundai and Samsung Heavy Industries have also announced plans to strengthen U.S. maritime capabilities through various partnerships and investments.
South Korean shipbuilders are ramping up their investments in the U.S. Hyundai Development Company, in partnership with the state-run Korea Development Bank and Cerberus Capital, has committed to establishing a multibillion-dollar joint fund aimed at strengthening the maritime capabilities of the U.S. and its allies.