South Korean Technology to Boost U.S. Shipbuilding Revival... Partnership Center to Be Established This Year
South Korea and the United States are officially launching the Korea-U.S. Shipbuilding Partnership Initiative (KUSPI), a key driver of the 'MASGA (Make American Shipbuilding Great Again) Project' aimed at reviving the U.S. shipbuilding industry.
The International Trade Administration (ITA) under the U.S. Department of Commerce announced on May 8 (local time) that both sides signed a memorandum of understanding (MOU) in the presence of U.S. Secretary of Commerce Howard Lutnick and Kim Jeonggwan, South Korea’s Minister of Trade, Industry and Energy, who is currently visiting the United States.
According to the ITA, KUSPI is a new platform designed to strengthen bilateral cooperation in areas such as commercial shipbuilding, workforce development, industry modernization, and investment in marine manufacturing. The initiative will make use of the Korea-U.S. Shipbuilding Partnership Center, which is scheduled to be established in Washington, D.C. within this year, and will support the expansion of cooperation among governments, industries, and research institutes.
Specific activities include promoting foreign direct investment into the U.S. marine industry, workforce training programs, shipyard productivity improvement projects, and technology exchanges. Additional activities will be determined by the U.S. Department of Commerce and South Korea’s Ministry of Trade, Industry and Energy.
The Department of Commerce will facilitate exchanges among U.S. shipbuilders, suppliers, universities, and research institutions, while also serving as the contact point for the center at the U.S. government level.
The Ministry of Trade, Industry and Energy will coordinate cooperation between the South Korean government and shipbuilding stakeholders and provide the personnel and funding necessary to operate the center.
Hot Picks Today
Already Expensive..."I Eat Two Eggs Every Morning—This Is Too Much": Early Heatwave Sparks Egg Price Fears
- "Wow, This Is Addictive": Justin Bieber's Wife Raves About 'Ddungbaratte'... Foreign Tourists Flock to K-Convenience Stores [K-Holic]
- "Exorbitant Food Prices" Beer Costs 30,000 Won per Glass... Locals Outraged Over Record Price Gouging at the World Cup [Current Affairs Show]
- Foods That Make Your Face Less Attractive, According to a Plastic Surgeon... What Ranked Above Ham and Ramen?
- "Getting Your Hair Pulled and Kicked Is Routine... '9 Inmates Packed into 5 Pyeong' Cheongju Women's Prison, the Reality of Sweltering Heat [Reportage]"
This partnership is part of a $150 billion investment plan in the U.S. shipbuilding sector agreed upon during last year's South Korea-U.S. summit. It is also a portion of the total $350 billion U.S. investment package that South Korea agreed to, contingent on a reduction in the U.S. country-specific tariffs (reciprocal tariffs) and the automobile tariff rate from 25% to 15% for Korean products.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
