Seoul: HD Korea Shipbuilding and Offshore Engineering Co. (HD KSOE) announced on Thursday that it has signed a memorandum of understanding (MOU) with Fraser Industries LLC, a U.S. company, to rejuvenate the U.S. shipbuilding industry under South Korea's "Make American Shipbuilding Great Again" (MASGA) initiative.
According to Yonhap News Agency, the agreement was formalized in Washington and aims to deliver an integrated package comprising shipyard design, construction expertise, operational systems, and data management capabilities. Fraser Industries emphasized that this collaboration marks a significant step towards revitalizing the U.S. shipbuilding sector.
HD KSOE President and CEO Kim Hyung-kwan stated, "We plan to provide the know-how needed from shipyard design through operations to support Fraser Shipyards in becoming a hub for rebuilding the U.S. shipbuilding industry." The partnership will culminate in a contract later this year for a shipyard modernization consulting program, using Fraser Shipyards as a demonstration project, located on the shores of Lake Superior.
The MASGA initiative, which stands for "Make American Shipbuilding Great Again," is an effort by Seoul to bolster the U.S. shipbuilding industry. This program was pivotal in facilitating a tariff agreement between South Korea and the United States last year. As part of the initiative, Seoul has pledged to invest US$150 billion towards revitalizing the U.S. shipbuilding industry, contributing to a broader $350 billion investment commitment to the United States.
HD KSOE operates as a subholding company of HD Hyundai Co., South Korea's premier shipbuilding group.