South Korea, U.S. Open Shipbuilding Cooperation Center, Sign 15 MOUs Worth $150 Billion on July 23

South Korea and the U.S. officially opened the Korea-U.S. Shipbuilding Cooperation Center (KUSPC) in Washington, D.C. on July 23, according to South Korea's Ministry of Trade. The two countries signed 15 memoranda of understanding covering supply chain cooperation, workforce development, and joint technology development. The agreement supports a $150 billion shipbuilding cooperation project.

Hyundai Heavy Industries, Hanwha Ocean, and Samsung Heavy Industries led South Korea's delegation of over 130 government, legislative, and business officials. HD Hyundai signed a contract to supply four advanced port cranes to Washington United Terminal, while Samsung Heavy Industries will establish a workforce training center with U.S. partner Vigor Marine featuring virtual reality welding systems. South Korea will invest approximately $80 million over five years in joint research and development projects, including AI-based autonomous shipping.