South Korea to Establish Consultative Body to Support 'Make American Shipbuilding Great Again' Project

South Korean Minister of Trade, Industry and Energy Kim Jong-kwan announced on Thursday (August 14) that the South Korean government will establish a consultative body composed of relevant ministries to support a shipbuilding cooperation initiative with the United States, noting that the project will create new opportunities for the South Korean shipbuilding industry.

Kim announced the plan at a naming ceremony held that day for two liquefied natural gas (LNG) carriers delivered to the United States by South Korean shipbuilding giant HANHWA OCEAN at its Geoje Shipyard, approximately 330 kilometers southeast of Seoul.

"To support the 'Make American Shipbuilding Great Again' (MASGA) project," he stated, "the government will swiftly establish a consultative body composed of relevant ministries and maintain close communication with the US side to achieve tangible results."

MASGA refers to the South Korea-US shipbuilding cooperation initiative proposed by South Korea during tariff negotiations with the Trump administration.

Late last month, the South Korean government reached a trade agreement with the Trump administration, pledging to invest $150 billion in the MASGA project and $200 billion in strategic industries such as semiconductors, batteries, and biotechnology.

Kim Jong-kwan also stated on Thursday (August 14) that "MASGA is a win-win project that supports the revitalization of the U.S. shipbuilding industry by promoting investment in U.S. shipyards, while also helping them develop a skilled workforce and rebuild their supply chains. The project will also create new opportunities for our companies to enter new markets."

South Korea's Ministry of Trade, Industry and Energy stated that the recently built LNG carriers for Hanhwa Ocean are the first two of five vessels to export LNG to the United States. Hanwha has won orders worth $1.2 billion through 2022.