A public-private consultative body will be launched to implement the $150 billion Korea-U.S. shipbuilding cooperation investment. The two countries allocated $150 billion to shipbuilding cooperation out of the $350 billion investment in the United States in Oct. last year.
On the 25th, policy finance institutions including the U.S.-Korea Strategic Investment Corporation, The Export-Import Bank of Korea, Korea Development Bank (KDB), Korea Trade Insurance Corporation (K-sure), and Korea Ocean Business Corporation (KOBC), along with domestic shipbuilders including HD Hyundai Heavy Industries, Samsung Heavy Industries, and Hanwha Ocean, signed a memorandum of understanding (MOU) at the Export-Import Bank in Yeouido, Seoul, to effectively implement the Korea-U.S. shipbuilding cooperation investment.
With the memorandum of understanding as a starting point, the parties to the agreement—including the corporations, policy finance institutions, and major shipbuilders—will form the "Korea-U.S. shipbuilding cooperation investment council." The council will jointly pursue inter-agency information sharing, project opportunity development, and policy finance support.