Busan: South Korea's shipbuilding industry has expressed enthusiasm over ongoing discussions with the United States about potential collaboration in the industry. The country's industry ministry described these talks as a "new opportunity" for the sector.
According to Yonhap News Agency, the Ministry of Industry, Trade and Energy convened a meeting in Busan with officials from prominent shipbuilders such as HD Korea Shipbuilding and Offshore Engineering Co., as well as shipbuilding affiliates from Hanwha Group, Samsung Group, and several equipment companies. The meeting focused on strategies to promote sustainable development in the shipbuilding sector.
During the meeting, shipbuilders conveyed their optimism about potential cooperation with the U.S., emphasizing the possibilities for collaboration in areas like maintenance, repair, and operations (MRO), as well as supply chain development. These efforts aim to support the overall growth of the industry.
Park Dong-il, the ministry's director general for the manufacturing industry, who led the meeting, mentioned that the government intends to officially promote the establishment of a Korea-U.S. shipbuilding partnership in the latter half of the year. The government is also working on finding new growth drivers for the industry beyond liquefied natural gas (LNG) carriers, which have been a recent growth area, and plans to enhance the competitiveness of shipbuilding equipment manufacturers.
South Korea's Trade Minister Yeo Han-koo had previously proposed advancing bilateral manufacturing cooperation to the U.S. under President Donald Trump's administration. This initiative was suggested as a means to reduce Seoul's trade surplus with Washington during recent trade negotiations. Yeo noted that the Trump administration showed interest in potential collaborations in both shipbuilding and semiconductor sectors.
The proposal coincides with Seoul's efforts to conclude tariff negotiations with the U.S. by August 1, aiming for full exemption or reduction of the 25 percent reciprocal tariffs and sectoral duties on steel, automobiles, and other imports.