Seoul: HD Hyundai Heavy Industries Co., South Korea's leading shipbuilder, recently announced that it has signed an initial agreement with Peru's state-run shipyard to jointly develop next-generation submarines. The agreement marks a significant step toward enhancing naval capabilities through international collaboration.

According to Yonhap News Agency, on Saturday, the Korean shipbuilder signed a letter of intent (LOI) with Shipyard Marine Industrial Services (SIMA). This LOI outlines the joint development and construction of submarines for the Peruvian Navy. Both parties are working towards finalizing a comprehensive agreement within the year, with construction to take place at HD Hyundai Heavy's shipyard located in Ulsan, approximately 360 kilometers southeast of Seoul.

Luis Silva Lopez, the general manager of SIMA, highlighted the significance of the LOI, stating that it is the first submarine co-development project for a Latin American navy. He emphasized that the joint project is expected to advance shipbuilding and defense technologies, promoting self-reliance not only in Peru but across the Latin American region.

In addition to this new venture, HD Hyundai is already engaged in ongoing cooperation with SIMA, constructing four naval vessels for the Peruvian Navy. These vessels include frigates, offshore patrol vessels, and landing support ships, further demonstrating the robust partnership between the two entities.