Consultations Begin on Advancing the "MASGA" Project
Ahead of the Korea-U.S. Summit
HD Hyundai has begun discussions to advance the MASGA project, a Korea-U.S. shipbuilding cooperation initiative, ahead of the Korea-U.S. summit scheduled for the end of this month.
On August 13, at HD Hyundai Heavy Industries' headquarters in Ulsan, Vice Chairman Cho Seok, CEO Lee Sangkyun, Minister of Foreign Affairs Cho Hyun, Acting U.S. Ambassador to Korea Joseph Yun, Chairman of the National Assembly Foreign Affairs and Unification Committee Kim Seokki, Chairman of the APEC Summit Support Special Committee Kim Kihyun, Foreign Affairs and Unification Committee Secretary Kim Geon, lawmakers Kim Taeseon and Kim Sanguk, and others gathered to discuss ways to strengthen Korea-U.S. shipbuilding cooperation. During the briefing, CEO Lee Sangkyun introduced HD Hyundai Heavy Industries' shipbuilding capabilities and cutting-edge technologies, and presented the company's vision for the future of the shipbuilding industry.
Several members of the Foreign Affairs and Unification Committee accompanied the site visit to review institutional support measures for the success of the MASGA project. After touring the commercial shipbuilding site, the delegation moved to the special shipyard, where they received a briefing on the next-generation Aegis destroyer, the second ship in its class, the Dasan Jeong Yak-yong. Minister Cho stated, "Seeing the shipyard in person gives me confidence in the success of the MASGA project," adding, "I will ensure that the project progresses smoothly by closely monitoring every detail." CEO Lee emphasized, "HD Hyundai will spare no effort or support to ensure the success of the MASGA project, which has emerged as a new symbol of the Korea-U.S. alliance," and added, "We will work together for the benefit of both countries and the advancement of the shipbuilding industry."
HD Hyundai is continuing various collaborations with the United States to support the MASGA project. In June, the company hosted the Korea-U.S. Shipbuilding Cooperation Expert Forum, leading the formation of a "Shipbuilding and Maritime Alliance" between the two countries. In July of last year, HD Hyundai launched a talent development program for the revitalization of the U.S. shipbuilding industry and enhancement of security, in partnership with Seoul National University, the University of Michigan, and others. The company is also cooperating with U.S. shipbuilders Edison Chouest Offshore and Huntington Ingalls on joint commercial shipbuilding and naval vessel projects, respectively. Earlier this month, HD Hyundai secured a contract for the regular maintenance of the 41,000-ton USNS Alan Shepard, a supply ship belonging to the U.S. Navy's 7th Fleet, marking the first Korea-U.S. shipbuilding cooperation since the conclusion of the bilateral tariff negotiations.
The MASGA project accounts for $150 billion of the $350 billion U.S. investment package that resulted from the Korea-U.S. tariff negotiations. The project is directly linked to the construction of U.S. naval power. The upcoming Korea-U.S. summit on August 25 is expected to address the MASGA project as a key agenda item, with attention focused on whether concrete implementation plans will be announced.
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