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Asia News Network
2 days ago
- Business
- Asia News Network
South Korea pitches multibillion-dollar shipbuilding plan to US: reports
July 29, 2025 SEOUL – Korea has proposed a multibillion-dollar project reportedly named Make American Shipbuilding Great Again, or MASGA, to the United States as Seoul makes an all-out effort to cut a better tariff deal with Washington ahead of the US-set deadline for tariff talks on Thursday, according to media reports on Monday. Citing multiple unnamed sources, the reports said Kim Jung-kwan, Korea's minister of trade, industry and energy, presented the MASGA project and Korea's vision for shipbuilding cooperation with the US during ministerial-level talks with US Commerce Secretary Howard Lutnick in New York on Friday. According to the reports, the MASGA proposal, named after US President Donald Trump's campaign slogan 'Make America Great Again,' offers a comprehensive package deal that includes large-scale investments in the US by Korean shipbuilders and financial support measures from the government such as loans and guarantees. The reports said the Korean government is considering participation in the MASGA project by state-run financial institutions such as the Export-Import Bank of Korea and the Korea Trade Insurance Corporation. They added that Lutnick, who is considered a key figure in finalizing the US tariff deal with Korea, responded positively to the proposal. However, the Ministry of Trade, Industry and Energy later said in a press release that the reported details of the MASGA proposal have not been confirmed as the negotiations are still ongoing, advising media outlets to take a careful approach when reporting on the trade talks between Seoul and Washington. In a press release on Saturday following the ministerial-level trade talks, Seoul's presidential office said it had reconfirmed strong US interest in shipbuilding cooperation, explaining that the two sides committed to working together on an agreement in the tariff negotiations. Korea's shipbuilding sector has been regarded as the country's unique leverage in the tariff talks with the US as its world-class capabilities can contribute to the Trump administration's goal of reviving American shipbuilding. Two of Korea's leading shipbuilding conglomerates — HD Hyundai and Hanwha Group — have already been ramping up their investments in the US and bolstering partnerships with American companies in the shipbuilding sector. HD Hyundai joined hands with US shipyard operator Edison Chouest Offshore to build medium-sized container vessels at the American company's shipyard by 2028. Hanwha Philly Shipyard, which was acquired by Hanwha Ocean and Hanwha System for $100 million last year, secured a contract to build a liquefied natural gas carrier, marking the first US-ordered, export-market-viable LNG carrier in nearly 50 years.
Korea Herald
4 days ago
- Business
- Korea Herald
Korea pitches multibillion-dollar shipbuilding plan to US: reports
Seoul says MASGA details unconfirmed as talks with Washington continue Korea has proposed a multibillion-dollar project reportedly named Make American Shipbuilding Great Again, or MASGA, to the United States as Seoul makes an all-out effort to cut a better tariff deal with Washington ahead of the US-set deadline for tariff talks on Thursday, according to media reports on Monday. Citing multiple unnamed sources, the reports said Kim Jung-kwan, Korea's minister of trade, industry and energy, presented the MASGA project and Korea's vision for shipbuilding cooperation with the US during ministerial-level talks with US Commerce Secretary Howard Lutnick in New York on Friday. According to the reports, the MASGA proposal, named after US President Donald Trump's campaign slogan "Make America Great Again," offers a comprehensive package deal that includes large-scale investments in the US by Korean shipbuilders and financial support measures from the government such as loans and guarantees. The reports said the Korean government is considering participation in the MASGA project by state-run financial institutions such as the Export-Import Bank of Korea and the Korea Trade Insurance Corporation. They added that Lutnick, who is considered a key figure in finalizing the US tariff deal with Korea, responded positively to the proposal. However, the Ministry of Trade, Industry and Energy later said in a press release that the reported details of the MASGA proposal have not been confirmed as the negotiations are still ongoing, advising media outlets to take a careful approach when reporting on the trade talks between Seoul and Washington. In a press release on Saturday following the ministerial-level trade talks, Seoul's presidential office said it had reconfirmed strong US interest in shipbuilding cooperation, explaining that the two sides committed to working together on an agreement in the tariff negotiations. Korea's shipbuilding sector has been regarded as the country's unique leverage in the tariff talks with the US as its world-class capabilities can contribute to the Trump administration's goal of reviving American shipbuilding. Two of Korea's leading shipbuilding conglomerates -- HD Hyundai and Hanwha Group -- have already been ramping up their investments in the US and bolstering partnerships with American companies in the shipbuilding sector. HD Hyundai joined hands with US shipyard operator Edison Chouest Offshore to build medium-sized container vessels at the American company's shipyard by 2028. Hanwha Philly Shipyard, which was acquired by Hanwha Ocean and Hanwha System for $100 million last year, secured a contract to build a liquefied natural gas carrier, marking the first US-ordered, export-market-viable LNG carrier in nearly 50 years.
Korea Herald
10-02-2025
- Business
- Korea Herald
Korea to invest W3tr in defense exports
The government and the ruling People Power Party on Monday agreed to put over 3 trillion won ($2.06 billion) into 10 local defense technology export areas, including artificial intelligence, aerospace and high-end materials for the next two years. The announcement comes as officials eye a rebound for the country's arms exports, which remained sluggish throughout last year despite the country's goal to become the world's fourth-largest arms exporter by 2027. The 10 tech fields tied to defense would receive over 3 trillion won by 2027, according to Rep. Kim Sang-hoon, the ruling party's top policymaker. Small and medium-sized arms manufacturers, recognized by the government as innovative and promising, will each receive up to 5 billion won for the next two years. State-run lenders including the Export-Import Bank of Korea and the Korea Trade Insurance Corporation will provide financial supports for the manufacturers as well. The government said it plans to grant arms manufacturers the ability to utilize a special overtime work permit system which will allow companies to ask employees to work up to 64 hours a week, for up to 180 days per year, upon approval by the Ministry of Employment and Labor. Under Korea's Labor Standards Act, the maximum workweek for full-time employees is 40 hours, with the possibility of an additional 12 hours of overtime per week only.
