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[Photo News] Bolstering Korea-US shipbuilding ties
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Korea Herald
8 hours ago
- Korea Herald
Korean tycoons to join Lee for Trump summit
South Korea's top conglomerate leaders will join President Lee Jae Myung on a US visit next week for his summit with US President Donald Trump, aiming to promote major investments in strategic sectors including semiconductors, batteries, automobiles and shipbuilding, according to industry sources Thursday. The Aug. 24-26 trip will feature four chaebol heads — Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Chung Euisun and LG Group Chairman Koo Kwang-mo — along with executives from leading shipbuilding, aviation and defense firms. The delegation will be tightly focused on the Aug. 25 White House summit, with the government assembling a compact, high-impact team capable of announcing significant US investments. Samsung is operating and building foundry plants worth $37 billion in Austin and Taylor, Texas, while SK hynix is investing $3.87 billion in an advanced packaging plant for its cutting-edge high bandwidth memory chips in Indiana. Hyundai's Chung met Trump in March, pledging $21 billion in new US projects, including a steel plant. LG Energy Solution is also investing about 30 trillion won ($21.7 billion) across the US, including a 7-trillion-won facility in Arizona. The four chaebol groups are expected to discuss semiconductor expansion and AI chip partnerships, as well as electric vehicle and battery production growth, and Inflation Reduction Act subsidies, during the visit. Hanwha Group Vice Chairman Kim Dong-kwan and HD Hyundai Senior Vice Chairman Chung Ki-sun, who are part of the delegation, are also expected to announce new deals as their companies are both central to the Korea-US shipbuilding cooperation initiative known as the MASGA project. Hanwha acquired Philly Shipyard last year, while HD Hyundai secured a US Navy maintenance contract. Korean Air Chairman Cho Won-tae, traveling with the delegation, recently signed $32.7 billion in supply agreements with Boeing and GE Aerospace. Ahead of the departure, the president will meet the delegation to review each company's investment pledges, tailoring the 'Korea Sales' campaign to appeal to Trump's preference for favorable reciprocal deals, sources say. "The summit agenda is expected to cover economic cooperation in manufacturing, advanced technology and key minerals, with an aim to further strengthen the bilateral economic security partnership," Presidential spokesperson Kang Yu-jung said.
Korea Herald
11 hours ago
- Korea Herald
Seoul's MASGA initiative weighs anchor ahead of Lee-Trump summit
Korean president may visit Hanwha Philly Shipyard during US trip; acting US ambassador to Korea visits HD Hyundai's shipyard in Ulsan South Korea has promptly begun taking action to advance its US shipbuilding cooperation project dubbed 'Make American Shipbuilding Great Again,' or 'MASGA,' as Seoul prepares for the upcoming first summit between President Lee Jae Myung and US President Donald Trump. Minister of Industry, Trade and Energy Kim Jung-kwan on Thursday highlighted the importance of shipbuilding cooperation between Korea and the US as he attended the naming ceremony of two liquefied natural gas carriers, which were among the five LNG carriers ordered by an American client in 2022. "MASGA is a win-win package project that supports the revival of the American shipbuilding industry by investing in US shipyards, fostering skilled personnel and rebuilding supply chains while creating opportunities for our companies to enter a new market," said Kim in his congratulatory speech at the event. "To back up such efforts, the (Korean) government will set up a council of related institutes as soon as possible and work with the US on a constant basis to create concrete achievements." President Lee is set to visit the US from Aug. 24 to 26 and meet with Trump at the White House in Washington, DC, on Aug. 25. Seoul's presidential spokesperson Kang Yu-jung told reporters on Tuesday that there is a good chance Lee could visit Hanwha Philly Shipyard during his trip, possibly even accompanied by US officials. 'Based on the tariff negotiations, the two leaders are expected to discuss ways to further strengthen economic cooperation, including manufacturing sectors such as semiconductors, batteries and shipbuilding, and economic security partnerships such as high-tech and key minerals,' said Kang in a briefing. Hanwha Philly Shipyard, which was acquired by Korean conglomerate Hanwha Group for $100 million last year, is about 218 kilometers, or a drive of around two and a half hours, from the White House. Because the summit venue and the Korean-owned US shipyard are relatively close, speculation is brewing that Lee and Trump might both wear caps bearing the MASGA slogan to reemphasize their strong alliance. Korea previously presented the MASGA caps, which were designed after Trump's 'Make America Great Again' campaign hats, to US officials during the last-minute tariff negotiations in late July. John Phelan, US Secretary of the Navy, and Russ Vought, director of the White House Office of Management and Budget, also toured Hanwha Philly Shipyard on July 30, right before Korea and the US struck the tariff agreement, signifying the potential for the Korean-owned shipyard to help rebuild America's maritime manufacturing capabilities. HD Hyundai, another Korean shipbuilding conglomerate, announced that high-ranking officials from Korea and the US visited the headquarters of HD Hyundai Heavy Industries in Ulsan on Wednesday to discuss ways to enhance Korea-US shipbuilding cooperation. According to HD Hyundai, a briefing on the company's shipbuilding capabilities and technologies was provided to Minister of Foreign Affairs Cho Hyun, acting US Ambassador to Korea Joseph Yun and National Assembly Foreign Affairs and Unification Committee Chairman Kim Seok-ki. The officials were also given a tour of the shipyard. 'Seeing the shipyard firsthand has strengthened my confidence in the MASGA project's success. We will closely follow its progress to ensure that it moves forward smoothly,' said Cho. Several members of the National Assembly's Foreign Affairs and Unification Committee also joined the visit as lawmakers reviewed measures to support the success of the MASGA project. 'With the MASGA project emerging as a new symbol of the Korea-US alliance, HD Hyundai is committed to playing our part and providing support for its success,' said Lee Sang-kyun, CEO of HD Hyundai Heavy Industries. 'We look forward to advancing the interests of both nations and the future of the shipbuilding industry.' Both Hanwha and HD Hyundai have been actively seeking ways to advance shipbuilding partnerships with the US, securing maintenance, repair and overhaul, or MRO, contracts with the US Navy while expanding partnerships with American shipyards. Earlier this month, Seoul said MASGA played a critical role in reaching the final tariff deal with Washington as the Trump administration has been reiterating the need to revive America's shipbuilding industry and curb China's dominance in the global shipbuilding sector. For MASGA, Korea committed a $150 billion shipbuilding cooperation fund for domestic shipbuilders to invest in the US and back the American shipbuilding sector's revitalization.
Korea Herald
a day ago
- Korea Herald
[Photo News] Bolstering Korea-US shipbuilding ties
High-ranking officials from Korea and the US visited HD Hyundai Heavy Industries' shipyard in Ulsan on Wednesday as representatives from the two countries discussed ways to strengthen their shipbuilding cooperation. In this photo, Minister of Foreign Affairs Cho Hyun (center), acting US Ambassador to Korea Joseph Yun (fifth from right), National Assembly Foreign Affairs and Unification Committee Chair Kim Seok-ki (fourth from left) and HD Hyundai Vice Chairman Cho Seok (fifth from left) pose for a photo in front of the Rajah Sulayman, a 2,400-ton offshore patrol vessel currently under construction for the Philippine Navy, during their visit. (HD Hyundai)
