On the Occasion of the South Korea-U.S. Summit, 11 MOUs Signed in Shipbuilding, Nuclear Power, and More... Laying the Groundwork for a Manufacturing Renaissance Partnership

Establishing Joint Funds, Investment, and Technology Cooperation in Shipbuilding and Nuclear Power
Korea Hydro & Nuclear Power and Centrus to Jointly Invest in Uranium Enrichment Facilities
Korean Air to Acquire 103 Next-Generation Aircraft from

On the occasion of the South Korea-U.S. summit, companies from both countries signed contracts and memorandums of understanding (MOUs) on the 25th (local time) to strengthen their manufacturing renaissance partnership in areas such as shipbuilding, nuclear power, aerospace, liquefied natural gas (LNG), and critical minerals.

The Ministry of Trade, Industry and Energy announced that at the "Korea-U.S. Business Roundtable" held in Washington D.C. that day, with Minister Kim Jungkwan and U.S. Secretary of Commerce Howard Lutnick in attendance, a total of 11 contracts and MOUs were signed between companies from the two countries.

On the 25th (local time), Kim Jungkwan, Minister of Trade, Industry and Energy of South Korea (left), and Howard Lutnick, U.S. Secretary of Commerce, who attended the "Korea-U.S. Manufacturing Partnership MOU Signing Ceremony" held at the Willard InterContinental Hotel in Washington D.C., took a commemorative photo. The event was attended by representatives from related agencies and companies of both countries. (Photo by Ministry of Trade, Industry and Energy)

A ministry official explained, "The two countries' companies signed six MOUs to establish joint funds, make investments, and pursue technology cooperation to expand collaboration in strategic industries such as shipbuilding and nuclear power. In the fields of aerospace and LNG, four contracts and MOUs were signed to ensure stable business operations for Korean companies, and in the supply chain sector, an MOU was signed for Korean companies to export key rare metals to the United States."

First, in the shipbuilding sector, HD Hyundai, Korea Development Bank, and Cerberus Capital signed an MOU to establish a multibillion-dollar joint investment fund aimed at rebuilding and strengthening U.S. and allied maritime capabilities, including the U.S. shipbuilding industry, maritime logistics infrastructure, and advanced marine technology.

Samsung Heavy Industries and Vigor Marine Group signed an MOU to establish a strategic partnership for maintenance, repair, and overhaul (MRO) of U.S. Navy support vessels, modernization of shipyards, and joint shipbuilding.

The Ministry expects that, with Korea's world-class shipbuilders actively participating in strengthening U.S. shipbuilding and maritime capabilities and in the maintenance, repair, and overhaul of U.S. naval vessels, the momentum for win-win cooperation in shipbuilding between South Korea and the United States will be further enhanced.

In the nuclear power sector, three MOUs were signed. Korea Hydro & Nuclear Power, Doosan Enerbility, X-Energy, and Amazon Web Services (AWS) signed a four-party MOU on cooperation for the design, construction, operation, supply chain development, investment, and market expansion of small modular reactors (SMRs).

Additionally, Doosan Enerbility and U.S. private energy developer Fermi America agreed through an MOU to establish a comprehensive partnership for supplying large-scale nuclear power plants and SMR equipment to the "Artificial Intelligence (AI) Campus Project" underway in Texas. Korea Hydro & Nuclear Power and Samsung C&T also signed an MOU with Fermi America for cooperation to ensure smooth progress in the construction and implementation of the AI Campus Project. Korea Hydro & Nuclear Power and U.S. uranium enrichment supplier Centrus agreed that Korea Hydro & Nuclear Power will jointly participate in Centrus's investment to establish uranium enrichment facilities.

A ministry official stated, "Based on their experience in nuclear power plant construction and outstanding technological capabilities, Korean companies are expected to participate more actively in nuclear power plant construction projects in response to rapidly increasing power demand in the United States. In addition, through Korea-U.S. cooperation, we expect to secure a stable supply of enriched uranium, a key raw material needed for domestic nuclear power plant operations."

Korean Air signed the largest single contract in its history with Boeing. Korean Air will newly introduce 103 next-generation, high-efficiency aircraft from Boeing, worth 36.2 billion dollars, and signed an MOU with GE Aerospace for engine purchases and engine maintenance services totaling 13.7 billion dollars. The announced contracts are in addition to the purchase of 50 Boeing aircraft and GE Aerospace engines announced by Korean Air in March.

Korea Gas Corporation signed a mid- to long-term LNG import contract with global energy company Trafigura and others to import 3.3 million tons of U.S.-origin LNG annually for about 10 years starting in 2028. The LNG under this long-term contract will be supplied by Cheniere, the largest LNG exporter in the United States, among others. Through this contract, Korea Gas Corporation expects to secure competitively priced LNG over the long term, thereby contributing to the stability of domestic natural gas supply and prices.

Cooperation on critical minerals will also be strengthened. Korea Zinc signed an MOU with global defense company Lockheed Martin for the supply and purchase of germanium and cooperation on the critical minerals supply chain. Under this MOU, Korea Zinc will begin long-term supply of germanium to Lockheed Martin starting in 2028, when commercial production of germanium begins at Korea Zinc's domestic plant. As the first successful case of Korea-U.S. cooperation in the field of key rare metals, this is expected to further deepen supply chain cooperation on critical minerals between the two countries.

Minister Kim stated, "This signing ceremony will serve as a milestone for elevating the partnership between South Korea and the United States to a new level by expanding the scope and depth of manufacturing cooperation. The government will provide all necessary institutional support to ensure that Korea-U.S. manufacturing cooperation ushers in a renaissance, and we will strive to create unlimited business opportunities for companies in both countries."