Korea-US shipbuilding cooperation center opens in Washington as MASGA project sets sail

The MASGA (Make American Shipbuilding Great Again) project, valued at $150 billion, has officially gotten underway.

The Ministry of Trade, Industry and Energy said the Korea-US Shipbuilding Partnership Center (KUSPC) held its opening ceremony Wednesday at the Mayflower Hotel in Washington, D.C.

The launch comes roughly two months after the ministry and the US Department of Commerce signed an MOU on the Korea-US Shipbuilding Cooperation Partnership Initiative on May 8.

Backed by South Korean government funding, the center will run programs including productivity consulting for US shipyards and workforce training, while facilitating bilateral cooperation projects in research and development, technology exchange and direct investment.

Established as a nonprofit entity in the United States and housed in the Korea International Trade Association's Washington office, the center will operate from 2026 to 2028 with a budget of 19.9 billion won ($13.6 million). Its inaugural director is Lee Jong-geon, a US-licensed attorney and graduate of the 26th class of the Higher Civil Service Examination, who became the first official from the ministry to move into the financial sector — serving as executive managing director at Korea Investment Securities and head of private equity at Barclays Korea.

South Korea and the United States had earlier agreed to channel $150 billion of a broader $350 billion Korean investment commitment into shipbuilding cooperation.

The opening ceremony drew more than 130 officials from both governments, legislatures and the private sector, including Trade Minister Kim Jung-kwan, US Commerce Secretary Howard Lutnick, Korean Ambassador to the United States Kang Kyung-wha, National Assembly members of the Korea-US Inter-Parliamentary Union, Acting US Secretary of the Navy Hong Kau and US Ambassador to South Korea Michelle Steel.

Also in attendance were Kim Hyeong-gwan, chief executive of HD Korea Shipbuilding; Choi Sung-an, chief executive of Samsung Heavy Industries; Jeong In-seop, president of Hanwha Ocean; and Yoo Sang-cheol, chief executive of HJ Shipbuilding & Construction.

In his welcoming remarks, Minister Kim said the KUSPC is "a shipbuilding cooperation platform unlike any other in the world and a symbol of Korea's firm will and commitment to help rebuild the US shipbuilding industry," adding that it would serve as "a base for planting Korea's outstanding shipbuilding technology along the American coastal belt, backed by the Korean government's support."

He added that "the $150 billion shipbuilding cooperation investment will also move forward quickly," and called on the United States to support its success.

Lee Jong-geon, named as the center's inaugural director, said he would "pursue without disruption the training of US shipbuilding professionals and Korea-US joint technology development, serving as a hub that connects the two governments, shipyards, universities and research institutions, and investors."

The ceremony also saw 15 MOUs signed to add momentum to the MASGA project.

HD Hyundai Heavy, Hanwha Ocean and Samsung Heavy Industries, along with the center, the Korea Shipbuilding & Offshore Engineering Association and the Korea Research Institute of Ships and Ocean Engineering, agreed to form a "Team Korea" for the shared growth of the Korea-US shipbuilding industry.

Additional MOUs covered supply chain cooperation (five agreements), workforce development (three) and joint technology development (six). HD Korea Shipbuilding and Siemens Industry Software of the United States agreed to build next-generation digital solutions for ship design and production, while HD Hyundai Samho signed a contract with Washington United Terminals, operator of the Port of Tacoma, to supply four state-of-the-art port cranes.

The ministry will carry out a five-year Korea-US joint research program in the shipbuilding sector worth 120 billion won. To that end, seven Korean and nine US companies and institutions signed joint research agreements, committing to eight projects — including ship design optimization — that combine Korea's ship production capabilities with advanced US AI and robotics technology.

Individual companies also concluded joint research arrangements: Samsung Heavy Industries will work with US defense firm Saronic Technologies on the development of unmanned surface vessels, while Hanwha Ocean will pursue joint design of a global fast transport ship with Gibbs & Cox, a US firm specializing in naval vessel design.