South Korea, U.S. Sign Shipbuilding Partnership MOU

Agreement expands joint R&D, technology exchange, investment, and workforce training

(From left) William Kimitt, Under Secretary for International Trade at the Department of Commerce; Secretary Rutnik; Minister Kim; and Park Jeong-seong, Deputy Minister for Trade at the Ministry of Trade, Industry and Energy. Through the MOU signed on this day, the two countries confirmed their commitment to promoting shipbuilding cooperation and the U.S. side’s support for the establishment of the center. (Photo provided by the Ministry of Trade, Industry and Energy)

The Ministry of Trade, Industry and Energy and the U.S. Department of Commerce signed a Memorandum of Understanding (MOU) on the ‘Korea-U.S. Shipbuilding Partnership Initiative’ at the Department of Commerce building in Washington, D.C., on May 8 (local time), with Minister Kim Jeong-gwan and U.S. Secretary of Commerce Howard Rutnik in attendance.

In the MOU, the two countries agreed to promote cooperative projects between companies, including joint research and development, technology exchange, and direct investment, and to cooperate on the training and exchange of shipbuilding personnel and the sharing of information related to the shipbuilding industry.

Notably, to facilitate these activities, the two countries agreed to pursue the establishment of a ‘Korea-U.S. Shipbuilding Partnership Center’ in the United States (tentatively in Washington, D.C.).

The center will focus on supporting cooperative activities between the two countries’ companies, such as building local networks for cooperation and sharing information on policy trends, and plans to support the operation of detailed programs, including improving the productivity of U.S. shipyards and personnel training.

Furthermore, it is expected that through the future center, specific cooperative projects based on the demands of companies from both countries will be identified and implemented.

An official from the Ministry of Trade, Industry and Energy stated, “We will carry out follow-up procedures such as establishing a local entity, securing space, and dispatching personnel without any setbacks to open the center promptly, while also striving to discover concrete outcomes.”

Jung Suk-yee