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HD Hyundai, foreign affairs officials meet to push Korea's signature U.S. shipbuilding initiative

Published: 13 Aug. 2025, 13:32

KIM JU-YEON
[email protected]

Foreign Minister Cho Hyun poses for a commemorative photo with U.S. Acting Ambassador to Korea Joseph Yun and Rep. Kim Seok-ki, chair of the National Assembly’s Foreign Affairs and Unification Committee and HD Hyundai executives during a visit to HD Hyundai Heavy Industries' shipyard in Ulsan on Aug. 13. [MINISTRY OF FOREIGN AFFAIRS]

HD Hyundai met with senior foreign affairs officials on Wednesday to ramp up its efforts in pushing Korea's MASGA initiative — to "Make American Shipbuilding Great Again" — ahead of the summit between the presidents of Korea and the United States later this month.

HD Hyundai executives Cho Seok, vice chairman of HD Hyundai, and Lee Sang-kyun, president and CEO, met with Minister of Foreign Affairs Cho Hyun and the acting U.S. Ambassador to Korea Joseph Yun along with Kim Seok-ki, chair of the National Assembly's Foreign Affairs and Unification Committee, at HD Hyundai Heavy Industries’ Ulsan shipyard to discuss ways to align private industry and state policy for the recently inked Korea-U.S. shipbuilding initiative.

HD Hyundai Heavy Industries CEO Lee highlighted the company's shipbuilding capabilities and technologies while outlining the firm’s global vision at a briefing before the delegation visited the construction site of commercial vessels and naval and special shipyards, according to HD Hyundai.

“Seeing the shipyard firsthand has strengthened my confidence in the MASGA project’s success. We will closely follow its progress to ensure that it moves forward smoothly," Minister of Foreign Affairs Cho said.

HD Hyundai Heavy Industries' Ulsan shipyard [HD HYUNDAI]

The meeting comes ahead of President Lee Jae Myung's planned visit to the White House on Aug. 25 in what will be his first meeting with U.S. President Donald Trump.

Seoul and Washington have agreed to a trade deal in which Korea, in exchange for a 15 percent tariff on Korean goods, will invest $350 billion in the United States. A total of $150 billion has been earmarked for the U.S. shipbuilding industry, which the Trump administration has vowed to revitalize.

But Korea's shipyards have raised concerns about the pace at which Washington is passing legislation that will allow the construction or repair of U.S. naval vessels overseas, as well as tax benefits for investors in U.S. shipyards. This has led stakeholders to ask for the Korean government's active involvement in the shipbuilding initiative, dubbed MASGA, to ensure that the investment also benefits domestic shipbuilders.

Foreign Minister Cho Hyun receives a briefing during a visit to HD Hyundai shipyard in Ulsan with U.S. Acting Ambassador to Korea Joseph Yun and Rep. Kim Seok-ki, chair of the National Assembly’s Foreign Affairs and Unification Committee, on Aug. 13. [MINISTRY OF FOREIGN AFFAIRS]

HD Hyundai said it has been actively pursuing various collaborations with the United States to boost its partnership with the U.S. shipbuilding industry, including hosting the Korea-U.S. Shipbuilding Leaders Forum in June and launching a joint initiative with Seoul National University and the University of Michigan to cultivate future shipbuilding talent in July of last year.

The firm secured a regular overhaul contract for the USNS Alan Shepard, a 41,000-ton dry cargo and ammunition ship of the U.S. Navy’s 7th Fleet, which marked the first deal between Korean and U.S. entities since the launch of the MASGA initiative.

“With the MASGA project emerging as a new symbol of the Korea-U.S. alliance, HD Hyundai is committed to playing our part and providing support for its success," HD Hyundai Heavy Industries CEO Lee said. "We look forward to advancing the interests of both nations and the future of the shipbuilding industry.”

BY KIM JU-YEON [[email protected]]