South Korea locks in $150b shipbuilding pact with the US

It establishes a consultative body to identify project opportunities.

The Korea-US Strategic Investment Corporation (KUIC), four policy finance institutions, and three major shipbuilders signed an agreement to implement $150b in Korea-US shipbuilding cooperation investments.

The memorandum of understanding establishes a consultative body to share information, identify project opportunities, and coordinate policy financing.

Deputy Prime Minister and Finance Minister Koo Yun-cheol said it would help rebuild the US shipbuilding industry whilst generating new orders for Korea, including small and mid-sized shipbuilders and equipment suppliers.

The policy finance institutions are the Export-Import Bank of Korea, Korea Development Bank, Korea Trade Insurance Corporation (K-SURE), and Korea Ocean Business Corporation.

Meanwhile, the shipbuilders are HD Hyundai Heavy Industries, Samsung Heavy Industries, and Hanwha Ocean.