South Korea, US sign shipbuilding MOU amid $150B investment push

South Korea and the United States have signed a memorandum of understanding (MOU) to expand bilateral cooperation in shipbuilding as Seoul moves forward with a massive investment pledge aimed at revitalizing the US maritime industry, local media reported on Saturday.

The agreement was signed in Washington on Friday by South Korean Deputy Trade Minister Park Jung-sung and US Under Secretary of Commerce William Kimmitt, under the supervision of Industry Minister Kim Jung-kwan and Commerce Secretary Howard Lutnick, according to Yonhap News.

The deal comes after Seoul committed to invest $150 billion in the US shipbuilding sector under last year's bilateral trade agreement, part of a broader $350 billion investment package with an annual spending cap of $20 billion.

Under the memorandum, the two allies will launch the Korea-US Shipbuilding Partnership Initiative, or KUSPI, to enhance cooperation in commercial shipbuilding, workforce training, industrial modernization, and maritime manufacturing investment.

A Korea-US Shipbuilding Partnership Center is expected to open in Washington later this year to coordinate collaboration among governments, industries, and research institutions.

Separately, President Donald Trump praised ties with Seoul, saying, "I love South Korea," despite previously expressing displeasure with Seoul and other allies' lack of support for the US' military operation against Iran.