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'MASGA Project' Continues Smoothly
President Donald Trump's planned visit to a domestic shipyard in Korea was ultimately canceled. There had been speculation that he might visit the site of the "MASGA" project, considered a key bargaining chip in the Korea-US tariff negotiations, but President Trump reportedly boarded his return flight to the United States due to scheduling issues.
According to the shipbuilding industry on October 30, President Trump returned to the United States by chartered plane after concluding the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju and a summit with the Chinese president. While there had been speculation that he might visit a Korean shipyard during his stay, the visit did not take place.
Donald Trump, President of the United States, is moving to a nearby helipad in the exclusive limousine "The Beast" at Gyeongju Hilton Hotel on the 30th. President Trump stayed in Gyeongju for a 1-night, 2-day schedule after visiting Korea for the Asia-Pacific Economic Cooperation (APEC) event and the Korea-US summit the previous day. Yonhap News Agency
HD Hyundai Heavy Industries, Hanwha Ocean, and Samsung Heavy Industries-the three major Korean shipbuilders-are said to have made internal preparations for a possible visit even before the opening of APEC. However, it is reported that there was no official notification or prior consultation regarding a visit from the US side before President Trump's departure.
An official from one shipbuilder stated, "President Trump's schedule was extremely tight, so it was realistically difficult for him to visit." Another official added, "With his official schedule fully booked on the day of his departure, it would have been impossible to visit an industrial site."
Nevertheless, industry insiders note that President Trump's remarks alone have sufficiently demonstrated the willingness for Korea-US cooperation in shipbuilding. In his speech at the APEC CEO Summit the previous day, President Trump specifically mentioned Hanwha Group, which acquired the Philadelphia Shipyard (now Hanwha Philly Shipyard) in the United States, stating, "Korea has an excellent shipbuilding industry, and the United States will work together with Korea."
The Philadelphia Shipyard in the United States, acquired by Hanwha Group in December last year, is regarded as a symbol of Korea-US shipbuilding cooperation. In August, Hanwha announced an additional investment of 5 billion dollars (approximately 7 trillion won) in this shipyard. HD Hyundai Heavy Industries and Samsung Heavy Industries are also pursuing maintenance, repair, and overhaul (MRO) projects for naval logistics support vessels as part of the MASGA project.
The industry expects that, following this APEC summit, the Korea-US governments' agreement on the details of the tariff negotiations will further accelerate the MASGA project. The project is structured so that Korean shipbuilders lead investment, planning, and construction, while the United States provides infrastructure and clients. Some in the industry view this as a "pilot model" for Korea-US shipbuilding industry cooperation.
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