South Korea and the United States have signed a memorandum of understanding (MoU) to strengthen bilateral cooperation in shipbuilding, a U.S. Commerce Department agency said.
The agreement comes as Seoul has committed to helping revive the U.S. shipbuilding sector under a bilateral trade deal.
The MoU was signed in Washington by South Korea’s Deputy Trade Minister Park Jung-sung and U.S. Under Secretary of Commerce for International Trade William Kimmitt. The signing ceremony was overseen by South Korean Industry Minister Kim Jung-kwan and U.S. Commerce Secretary Howard Lutnick.
As part of last year’s trade agreement, South Korea pledged to invest 150 billion US dollars in the U.S. shipbuilding sector. The broader deal includes a total South Korean investment commitment of 350 billion dollars in the United States, with an annual cap of 20 billion dollars.
The U.S. administration said the MoU builds on ongoing cooperation between the two allies in strategic industries. It said the agreement reflects efforts to strengthen industrial capacity, boost investment, and expand collaboration in advanced manufacturing sectors.