Washington: South Korea and the United States have entered into 11 memorandums of understanding (MOUs) to enhance bilateral cooperation in key industrial sectors, including shipbuilding, nuclear energy, and aviation, as announced by Seoul's industry ministry.
According to Yonhap News Agency, the MOUs were signed during a South Korea-U.S. business roundtable held in Washington. This event took place following President Lee Jae Myung's initial summit with U.S. President Donald Trump. The meeting was attended by notable business leaders from both countries, including 16 Korean executives, such as Samsung Electronics Co. Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, and Hyundai Motor Group Executive Chair Euisun Chung. They were joined by 21 American corporate leaders, including Nvidia CEO Jensen Huang and Carlyle Group co-founder David Rubenstein, as noted by the Ministry of Trade, Industry and Energy.
In the shipbuilding sector, HD Hyundai Co. and the Korea Development Bank reached an initial agreement with U.S. investment firm Cerberus Capital to establish a joint investment program. Additionally, Samsung Heavy Industries Co. signed an MOU with Vigor Marine Group to collaborate on maintenance, repair, and overhaul (MRO) projects for the U.S. Navy.
For nuclear energy collaboration, the Korea Hydro and Nuclear Power Co. (KHNP) and Doosan Enerbility Co. entered into a quadrilateral MOU with X-energy and Amazon Web Services to jointly develop small modular reactors (SMRs). Doosan Enerbility also signed an agreement with Fermi America for materials supply for a nuclear power plant and SMRs for an AI campus project in Texas. Furthermore, KHNP and Samsung C and T Corp. formed a trilateral agreement with Fermi America for the AI campus project. KHNP also signed an MOU with American nuclear fuel supplier Centrus for joint investment in a uranium enrichment facility.
In the aviation sector, Korean Air committed to purchasing 103 next-generation aircraft from Boeing, valued at an estimated $36.2 billion, and signed a $13.7 billion contract with GE Aerospace for engine purchases and maintenance services.
In the LNG and critical minerals sectors, Korea Gas Corp. agreed with Trafigura to purchase 3.3 million tons of American LNG annually for a decade beginning in 2028. Korea Zinc Inc. reached a deal with Lockheed Martin for critical mineral supply chain cooperation, as reported by the ministry.
"The Korean government will provide all necessary institutional support to usher in a renaissance of Korea-U.S. manufacturing cooperation, and we will strive to create boundless business opportunities for companies of both nations," stated Industry Minister Kim Jung-kwan in a press release.