Washington: A U.S. senator emphasized on Wednesday the potential role of South Korea and other allied nations in revitalizing the American shipbuilding industry through their capital and expertise. This comes as the U.S. administration under President Donald Trump seeks to strengthen cooperation with international partners in this sector.
According to Yonhap News Agency, Senator Todd Young expressed these views during a forum by the Washington-based Hudson Institute. The remarks followed a visit by U.S. Secretary of the Navy John Phelan to South Korea's major shipbuilders, HD Hyundai Heavy Industries Co. and Hanwha Ocean Co., earlier this week. Young highlighted his discussions with South Korean and Japanese officials, noting their interest in investing in the U.S. shipbuilding industry due to their core competencies.
Young mentioned the CHIPS and Science Act as a successful example of U.S. collaboration with allies. The Act, signed by former President Joe Biden in 2022, has attracted investments from South Korea and other countries by providing incentives aimed at job creation and bolstering domestic manufacturing capabilities.
He urged for a similar model in shipbuilding, stating, "We have a model in the CHIPS Act, in which this sort of partnership has occurred. We need to build on that success." Young stressed the importance of inviting expertise to relearn essential skill sets after capital has been deployed and shared investments have been made.
The senator also pointed out that bilateral cooperation could benefit from U.S. technology. He remarked on the value proposition of such partnerships, emphasizing the potential for return on investment (ROI) for foreign allies, security benefits, and technological advancements.
Young added, "We have our tech community, which can bring their expertise and their creativity to some of these processes and activities as well. So the Koreans, in particular, are excited about that, about modernizing their own operations as they locate here."