Follow-up Cooperation Following Joint Trap Production
South Korea-Peru Pledge to Expand Defense Industry Cooperation and Friendship Enhancement
HD Hyundai is expanding its defense cooperation with Peru in Latin America, moving from joint warship production to joint submarine development.
On the 16th (local time), HD Hyundai announced on the 18th that it signed a "Memorandum of Understanding (MOU) for the Development of Submarines to Promote Industrial Development in Peru" with the Peruvian state-owned SIMA shipyard in Lima, Peru, where 'APEC 2024' is being held.
The event was attended by about 60 government officials from both countries, including President Yoon Suk-yeol, Peruvian President Dina Boluarte, Joo Won-ho, Head of HD Hyundai Heavy Industries' Special Ship Business, and C?sar Venavides, Director of SIMA shipyard.
Joo Won-ho, Head of HD Hyundai Heavy Industries Special Ship Business, and C?sar Venavides, Head of Sima Shipyard in Peru, signed an MOU for joint submarine development on the 16th (local time) at the Presidential Palace in Lima, Peru, in the presence of President Yoon Suk-yeol and Peruvian President Dina Boluarte. Photo by the Presidential Office
This MOU is part of the Peruvian Navy's project to replace aging warships, aiming to strengthen cooperation between the two companies to secure orders for submarine construction projects.
HD Hyundai Heavy Industries and SIMA shipyard plan to develop submarines tailored to the Peruvian Navy and pursue substantial localization and industrial cooperation. HD Hyundai Heavy Industries will continue to strengthen cooperation with the Peruvian government and navy by supporting the modernization of SIMA shipyard and the development of Peru's shipbuilding industry, actively participating in follow-up projects.
In April, HD Hyundai Heavy Industries signed a joint local production contract with SIMA shipyard for four warships worth a total of 640.6 billion KRW, the largest amount in the history of Latin American defense exports. Over the next 15 years, it secured the status of preferred negotiator for follow-up warship projects as a strategic partner with the Peruvian government and navy.
Joo Won-ho, Head of HD Hyundai Heavy Industries' Special Ship Business, said, "We will do our best to expand the warship business in Peru, which will be a production base in Latin America, continue defense cooperation between the two countries, enhance the status of K-defense, and contribute to national interests."
Earlier, the presidents of both countries held a signing ceremony for a nameplate to be installed on the warship jointly built by HD Hyundai Heavy Industries and SIMA shipyard, symbolizing the strengthening of friendly cooperation between the two nations.
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