The Ministry of Trade, Industry and Energy announced on Wednesday that Park Dong-il, Director of the Industrial Policy Office, will meet with Rick Siger, Secretary of the Pennsylvania Department of Community and Economic Development, at the Plaza Hotel in Seoul. They will discuss ways to enhance industrial cooperation and development between South Korea and the U.S., with a focus on shipbuilding collaboration.
Pennsylvania is home to the Philly Shipyard, the first major U.S. shipyard acquired by a leading Korean shipbuilding company. Hanwha Ocean acquired the Philly Shipyard in December 2024, which is currently constructing training vessels and medium-sized oil tankers. Hanwha Ocean aims to boost its annual production capacity from the current 1.5 vessels to over 10 vessels through site expansion and enhanced automation facilities.
This meeting with Secretary Siger is designed to discuss progress on investment promotion and cooperation in the shipbuilding industry, as exemplified by the Korea-U.S. Cooperation Project for the Revitalization of American Shipbuilding (MASGA Project).
During the meeting, the Korean delegation plans to outline their commitment to cooperation and business strategies. They will also emphasize the need for expedited expansion permits, infrastructure support, industrial incentives, and tariff benefits to facilitate Korean corporate activities in the U.S.
The Ministry stated that it intends to engage in active consultations with the U.S. government to ensure the MASGA Project yields mutually beneficial outcomes.