A Leverage Point in Bilateral Tariff Negotiations
President Lee Visits Hanwha Philly Shipyard
Attends Naming Ceremony for U.S. Maritime Administration Multi-Mission Vessel Built with Korean Technology
Hanwha Group Vice Chairman Kim Dongkwan, Hanwha Ocean CEO Kim Heechul, and Philly Shipyard CEO David Kim Also in Attendance
On the 26th (local time), President Lee Jaemyung visited the "Hanwha Philly Shipyard" located in Philadelphia, United States, and stated, "Through the 'MASGA (Make American Shipbuilding Great Again)' project, we will achieve a win-win outcome where both the American and Korean shipbuilding industries can soar together." The MASGA project, which has become a leverage point in tariff negotiations with the United States, centers on cooperation for a win-win partnership between the Korean and American shipbuilding industries, encompassing shipyard modernization, workforce development, and collaboration in ship construction. President Donald Trump of the United States also requested active cooperation from President Lee during the Korea-U.S. summit held the previous day.
That afternoon, President Lee delivered a congratulatory speech at the naming ceremony of the National Security Multi-Mission Vessel (NSMV) "State of Maine," commissioned by the U.S. Maritime Administration at Philly Shipyard. He declared, "Korea's shipbuilding industry is embarking on a new challenge to strengthen America's maritime security and contribute to the revival of U.S. shipbuilding." The naming ceremony is an event where a ship is officially named after construction, and wishes are made for its safe voyage.
The naming ceremony was attended by Foreign Minister Cho Hyun, Industry Minister Kim Jungkwan, National Security Advisor Wi Sunglak, Policy Chief Kim Yongbeom, Ambassador-designate to the U.S. Kang Kyunghwa, Acting Consul General in New York Lee Sangho, and Lee Jaeyong, Head of the Philadelphia Office. Also present were Hanwha Group Vice Chairman Kim Dongkwan, Hanwha Ocean CEO Kim Heechul, Philly Shipyard CEO David Kim, and Yungjin Chairman Park Ildong. On the U.S. side, Pennsylvania Governor Josh Shapiro and Pennsylvania House Representative Mary Gay Scanlon participated as well.
The "Hanwha Philly Shipyard" in Philadelphia was established as a U.S. Navy shipyard in 1801, transitioned into a private shipyard in 1997, and was acquired by Hanwha Group for 100 million dollars in December of last year. This marks the first case of a Korean shipbuilding company acquiring a local U.S. shipyard.
The "State of Maine," named on this day, is the first vessel completed since the shipyard's new beginning as Hanwha Philly Shipyard. Hanwha Philly Shipyard is scheduled to build a total of five NSMVs, each priced at 300 million dollars, commissioned by the U.S. Maritime Administration (MARAD). The vessel named today is the third of those five ships.
This vessel will serve as a training ship for maritime academy cadets during peacetime and will be used for disaster response and rescue missions in emergencies, making it a multi-purpose vessel. Notably, DSEC, a Korean shipbuilding specialist, participated from the design phase and equipment procurement, making this a prime example of Korea-U.S. shipbuilding cooperation by combining Korean technology and supply chains with American facilities and workforce.
President Lee emphasized, "Philly Shipyard, facing the world's top capabilities and potential, will be reborn as America's leading shipyard showcasing state-of-the-art shipbuilding technology," adding, "Through Philly Shipyard, the 72-year Korea-U.S. alliance will open a new chapter as a 'future-oriented comprehensive strategic alliance' that integrates security, economic, and technological partnerships." President Lee especially encouraged, "The main drivers of Korea-U.S. shipbuilding cooperation are the business leaders and workers present here. Just as Korean entrepreneurs and workers achieved the 'K-Shipbuilding' miracle from barren land, let us join forces to make the MASGA miracle a reality between Korea and the United States."
During the subsequent site tour, a Hanwha Group representative stated, "With additional investment in Philly Shipyard, we will expand production capacity from the current 1.5 vessels per year to around 20 vessels annually, and in the mid- to long-term, secure capabilities to manufacture large, advanced ships such as LNG carriers." In response, President Lee requested that the U.S. government officials present provide full institutional support to ensure that Korean corporate investments proceed smoothly and that business operations in the United States face no obstacles.
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