South Korea's Ministry of Industry and U.S. Department of Commerce Sign Shipbuilding MOU to Advance Cooperation

Central News Agency

(Central News Agency reporter Yang Chi-fan, Seoul, 9th exclusive report) South Korea's Ministry of Trade, Industry and Energy today announced that Minister Kim Jeong-kwan and the U.S. Department of Commerce signed a Memorandum of Understanding (MOU) in Washington regarding the 'Korea-U.S. Shipbuilding Partnership Initiative,' which will promote cooperation matters including joint research and development, technology exchange, and direct investment.

South Korea's Ministry of Trade, Industry and Energy today issued a press release stating that the Ministry of Industry and the U.S. Department of Commerce, witnessed by Minister Kim Jeong-kwan and U.S. Secretary of Commerce Howard Lutnick, signed the 'Korea-U.S. Shipbuilding Partnership Initiative MOU' on the afternoon of the 8th, local time, at the U.S. Department of Commerce building in Washington.

In the MOU, South Korea and the U.S. agreed to promote inter-enterprise cooperation projects, including joint R&D, technology exchange, and direct investment, and to collaborate on shipbuilding talent cultivation and exchange in both countries, as well as information sharing related to the shipbuilding industry.

In addition, both sides decided to promote the establishment of a 'Korea-U.S. Shipbuilding Partnership Center' in the United States, which will focus on building the necessary local network for cooperation, understanding policy trends, and supporting cooperation activities between Korean and U.S. enterprises. Specific plans include assisting in improving the production efficiency of U.S. shipyards and personnel training, with this year's budget set at 6.6 billion Korean Won (approximately NT$147 million).

The Ministry of Industry stated that through the signing of the MOU, both sides confirmed their will to promote Korea-U.S. shipbuilding cooperation and the U.S. side's support for the establishment of the shipbuilding center. It is expected that through the soon-to-be-established Korea-U.S. Shipbuilding Partnership Center, specific cooperation projects based on the needs of enterprises in both countries can be discovered and executed.

The Ministry of Industry also pointed out that it will continue to promote subsequent procedures such as establishing local corporations, securing office space, and dispatching personnel to complete the opening of the center as soon as possible, while also striving to advance concrete results. (Editor: Chen Hui-ping) 1150509

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