In a strategic move to bolster joint shipbuilding ties between South Korea and the United States, senior officials from HD Hyundai met with high-ranking foreign affairs figures to advance the Korea-U.S. “MASGA” initiative—“Make American Shipbuilding Great Again,” reports Korea JoongAng Daily.
The delegation included key representatives: Cho Seok, Vice-Chairman of HD Hyundai; Lee Sang-kyun, President and CEO of HD Hyundai Heavy Industries (HHI); Foreign Minister Cho Hyun; U.S. Acting Ambassador to Korea Joseph Yun; and Kim Seok-ki, Chair of the National Assembly’s Foreign Affairs and Unification Committee. The group convened at HD Hyundai Heavy Industries’ shipyard in Ulsan to align private industry and state policy under the newly inked MASGA framework.
MASGA emerges as a new symbol of the Korea-U.S. alliance
At the Ulsan shipyard, CEO Lee showcased HD Hyundai’s formidable shipbuilding capabilities and global strategic vision, guiding the delegation through commercial vessel production areas as well as naval and specialized shipyard facilities.
Foreign Minister Cho Hyun, visibly encouraged after touring the site, remarked that seeing the shipyard firsthand strengthened his confidence in the MASGA project’s success. He noted the government would closely follow its progress to ensure it moves forward smoothly.
This high-profile meeting precedes President Lee Jae Myung’s upcoming White House visit on August 25, where he will meet U.S. President Donald Trump for the first time.
Under the MASGA agreement, South Korea will invest $350 billion in the U.S., with $150 billion earmarked specifically for revitalizing the U.S. shipbuilding industry. In exchange, Korean exports will face a 15% tariff. However, concerns remain over whether U.S. legislative measures—including provisions allowing overseas construction and repair of U.S. naval vessels and tax incentives for domestic shipyard investors—are progressing swiftly enough. Stakeholders are calling for proactive engagement by the Korean government to ensure the initiative benefits both American and Korean shipbuilders.
HD Hyundai has already laid groundwork for collaborative momentum. It hosted the Korea-U.S. Shipbuilding Leaders Forum in June and launched a joint talent development initiative with Seoul National University and the University of Michigan. Additionally, HD Hyundai secured the first post-MASGA maintenance and repair contract, overseeing the overhaul of the USNS Alan Shepard, a 41,000-ton dry cargo and ammunition ship of the U.S. Navy’s 7th Fleet.
HD Hyundai CEO Lee emphasized the company’s commitment, saying that with MASGA emerging as a new symbol of the Korea-U.S. alliance, HD Hyundai is dedicated to supporting its success and advancing the interests of both nations and the future of the shipbuilding industry.
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Source: Korea JoongAng Daily
