HD Hyundai Meets with USTR to Discuss Cooperation
Proposes Shipbuilding Partnership Including Port Crane Collaboration
"We Are Willing to Participate if Needed"
Jung Ki-sun, Senior Vice Chairman of HD Hyundai, met with Jayme Greer, Representative of the United States Trade Representative (USTR), who is visiting Korea, to discuss cooperation measures between Korea and the United States in the shipbuilding industry. This marks the first official meeting between a representative of the domestic shipbuilding industry and the USTR.
According to HD Hyundai, on the morning of the 16th, Jung met with Greer at a location in Jeju Island to exchange views on cooperation in the shipbuilding sector between the two countries. Greer is visiting Korea to attend the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting, which began the previous day at the Jeju International Convention Center (ICC). During the meeting, Jung referenced the collaboration between HD Hyundai Heavy Industries and the U.S. defense shipbuilder Huntington Ingalls Industries (HII), and proposed specific cooperation measures, including joint technology development, collaboration in shipbuilding, and training of technical personnel.
Jung Ki-sun, Senior Vice Chairman of HD Hyundai (right), met with Jayme Greer, Representative of the United States Trade Representative (USTR), on the 16th in Jeju Island to discuss "Korea-US shipbuilding industry cooperation measures." HD Hyundai
In particular, Jung pointed out the issue of the monopoly supply of Chinese-made port cranes in the United States, introduced HD Hyundai Samho's crane manufacturing capabilities, and proposed strengthening supply chain cooperation with the United States. Jung Ki-sun stated, "HD Hyundai highly values the United States' commitment and efforts to revitalize its shipbuilding industry," adding, "We are fully prepared for this, and if there is any role required, we are willing to participate."
Greer previously served as Chief of Staff to then-USTR Robert Lighthizer during the first Trump administration and played a leading role in fair trade negotiations between the United States and China. On the same day (the 16th), he is also scheduled to meet with Kim Heecheol, CEO of Hanwha Ocean, in a closed-door session. There has also been mention of a meeting with Hanwha Group Vice Chairman Kim Dongkwan, but it is not yet known whether this will take place.
It is expected that the CEOs of HD Hyundai Heavy Industries and Hanwha Ocean, both among Korea's "Big Three" and leading special-purpose shipbuilders, will hold more detailed discussions with Greer in private regarding cooperation between Korea and the United States in merchant ship and warship construction, as well as maintenance, repair, and overhaul (MRO).
Last month, HD Hyundai signed a memorandum of understanding (MOU) with Huntington Ingalls Industries, the largest U.S. defense shipbuilder, for "enhancing shipbuilding productivity and advanced shipbuilding technology cooperation." At a recent marine and aerospace exhibition, the company also signed an MOU with the American Bureau of Shipping (ABS) for design certification of lightweight military logistics support vessels for the U.S. Navy, and reached an agreement with U.S. defense equipment supplier Fairbanks Morse Defense to cooperate on building a local supply chain. The HD Hyundai Naval & Defense Technology Institute is also expanding its engagement with the U.S. defense market by discussing the possibility of next-generation warship design and joint R&D with the U.S. Naval Research Laboratory. Hanwha Ocean, which last August became the first Korean shipyard to win an MRO contract for the U.S. Navy's logistics support vessel "Wally Schirra," is expected to propose additional investments in Philly Shipyard, which it acquired in December as the first Korean company to do so, as well as cooperation on training maritime personnel and new shipbuilding schedules.
As the need for cooperation in the shipbuilding sector between the two countries grows, on April 30, U.S. Secretary of the Navy Carlos Del Toro visited Korea for the first time as a U.S. cabinet-level official, touring HD Hyundai Heavy Industries' Ulsan headquarters and Hanwha Ocean's Geoje plant.
Meanwhile, at the Ministers Responsible for Trade Meeting held on the same day, Cho Hyun-sang, Vice Chairman of HS Hyosung, drew attention by attending as ABAC Chair. Cho shared the recommendations of the APEC Business Advisory Council (ABAC) regarding the rapidly changing global trade and financial environment with the trade ministers of each country. He emphasized the importance of maintaining free and open trade, and urged the ministers to support the principles of the World Trade Organization (WTO), which are centered on stability, predictability, and non-discrimination in the global trade system. Additionally, he called for support for various agendas discussed in each ABAC working group, including improvements to the APEC Business Travel Card (ABTC) system to facilitate regional trade and business activities, and the establishment of an APEC Center of Excellence for paperless trade to support the digitalization of trade.
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