South Korean Financial Institutions and Shipbuilders Sign MOU to Implement $150 Billion Investment in the U.S.

en.Wedoany.com Reported - South Korea's state-run lending institutions and major shipbuilders have signed a memorandum of understanding to advance the previously agreed $150 billion shipbuilding cooperation plan between the two countries.

Participants include state-owned Korea-U.S. Strategic Investment Corporation, Export-Import Bank of Korea, Korea Development Bank, Korea Trade Insurance Corporation, Korea Ocean Business Corporation, as well as HD Hyundai Heavy Industries Co., Samsung Heavy Industries Co., and Hanwha Ocean Co.

Under the MOU, the lending institutions, related agencies, and shipbuilders will jointly establish a Korea-U.S. shipbuilding cooperation advisory body to lead information exchange among participants, explore business opportunities, and provide policy-based financial support. This signing follows South Korea's earlier commitment to invest $150 billion in the U.S. shipbuilding industry, a pledge made as part of last year's trade agreement. Under that agreement, South Korea committed to a total of $350 billion in U.S. investments, with an annual investment cap of $20 billion.

South Korea's Minister of Economy and Finance, Koo Yun-cheol, stated at the signing ceremony in Seoul that shipbuilding cooperation is one of the two pillars of Korea-U.S. strategic investment, describing it as a mutually beneficial investment that will secure new orders and markets for the entire shipbuilding ecosystem—from large shipyards to small and medium-sized enterprises and equipment suppliers.

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