The memorandum of understanding was signed by the Korea-U.S. Strategic Investment Corp., the Export-Import Bank of Korea, the Korea Development Bank, the Korea Trade Insurance Corp. and the Korea Ocean Business Corp. HD Hyundai Heavy Industries, Samsung Heavy Industries and Hanwha Ocean also joined the agreement.
Under the MOU, the participants will establish a Korea-U.S. shipbuilding investment consultative body. The body will identify investment opportunities, share project information and coordinate policy financing for shipbuilding-related investments.
Eximbank will serve as the secretariat for the consultative body. It will oversee communication among participants and monitor project progress.
The initiative is part of the Korea-U.S. strategic investment memorandum of understanding signed on November 14 last year. It also follows South Korea’s pledge to invest $150 billion in the U.S. shipbuilding sector as part of a broader $350 billion U.S. investment commitment, with an annual cap of $20 billion.
The signing ceremony was held at Eximbank headquarters in Seoul. It was attended by Finance Minister Koo Yun-cheol, Financial Services Commission Vice Chairman Kwon Dae-young and Park Dong-il, head of industrial policy at the Industry Ministry.
“The shipbuilding cooperation is one of the two pillars of Korea-U.S. strategic investment,” Finance Minister Koo Yun-cheol said during the ceremony. He said the initiative would support both U.S. shipbuilding capacity and South Korea’s broader shipbuilding ecosystem.
“This will be a mutually beneficial investment that helps rebuild the US shipbuilding industry while giving Korea’s shipbuilding ecosystem — from major shipbuilders to smaller yards and equipment suppliers — access to new orders and markets,” Koo said. He urged policy lenders to provide timely financing and help absorb risks that individual companies would struggle to manage alone.
Koo also called on major shipbuilders to identify commercially viable projects. He said smaller shipyards and equipment suppliers should be included in the broader “Team Korea” initiative.
Kwon said the government would strengthen coordination among the Korea-U.S. Strategic Investment Corp., policy lenders and private financial institutions. The aim is to ensure financing is provided without disruption.
Park Jong-won, president of the Korea-U.S. Strategic Investment Corp., described shipbuilding as one of the cornerstone sectors of the broader Korea-U.S. strategic investment initiative. “We will work closely with policy finance institutions to actively support Korean shipbuilders’ investments in the US and help secure new shipbuilding orders,” he said.
Eximbank Chairman Hwang Ki-yeon said the bank would use its experience in ship finance to support the government’s investment plan. The agreement links state-backed financing with project development by South Korea’s largest shipbuilders.
Lee Sang-kyun, chief executive of HD Hyundai Heavy Industries, said the industry’s priority is to turn Korea-U.S. shipbuilding cooperation into tangible business opportunities. “The Korean shipbuilding industry will identify investment opportunities with strong profitability and feasibility based on its world-class technology,” Lee said.
“We hope the government will provide broad support measures to open a new chapter in Korea-US shipbuilding cooperation.” The initiative is intended to help Korean shipbuilders secure new orders, enter new markets and strengthen cooperation with the United States.
