Korea and the United States signed a memorandum of understanding (MOU) to launch the Korea-U.S. Shipbuilding Partnership Initiative (KUSPI).
The International Trade Administration (ITA) under the U.S. Department of Commerce said in a news release on the 8th (local time) that the two sides signed the MOU that day in the presence of Minister Howard Lutnick and Minister Kim Jung-kwan of the Ministry of Trade, Industry and Resources, who is visiting the United States.
According to the ITA, KUSPI is a new platform to strengthen bilateral cooperation in merchant ship construction, workforce development, industrial modernization, and marine manufacturing investment.
KUSPI will support expanded cooperation among the two governments, industries, and research institutions by leveraging the Korea-U.S. shipbuilding partnership center to be established in Washington, D.C., at the end of this year. Specifically, it plans to promote foreign direct investment in the U.S. marine industry base, develop talent, run shipyard productivity improvement projects, and facilitate technology exchanges.
Under the MOU, the U.S. Department of Commerce will help the Korea-U.S. shipbuilding partnership center engage with U.S. shipbuilders, suppliers, universities, and research institutions. The Ministry of Trade, Industry and Resources will coordinate cooperation between the Korean government and shipbuilding stakeholders and provide the personnel and funds needed to operate the center.
The ITA said, "This MOU builds on ongoing Korea-U.S. cooperation in strategic industries," and noted, "It reflects sustained efforts to strengthen industrial capabilities among allies, spur investment, and expand cooperation in advanced manufacturing."
Korea and the United States agreed at last year's summit to invest $150 billion in U.S. shipbuilding under the banner of MASGA (Make American Shipbuilding Great Again).