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South Korea and U.S. Sign Agreement on Shipbuilding Cooperation
South Korea and the United States signed a memorandum of understanding on May 8 to establish the South Korea-U.S. Shipbuilding Partnership Initiative. The pact aims to strengthen cooperation in commercial shipbuilding, workforce development, industrial modernization and maritime manufacturing investment. The U.S. International Trade Administration announced the signing.
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South Korea and the United States signed a memorandum of understanding on Friday to advance bilateral shipbuilding cooperation, the U.S. International Trade Administration said. The South Korea Ministry of Trade, Industry and Resources and the U.S. Department of Commerce inked the agreement to create the South Korea-U.S. Shipbuilding Partnership Initiative, also known as KUSPI.
The new platform is designed to strengthen cooperation in commercial shipbuilding, workforce development, industrial modernization and maritime manufacturing investment. The signing took place in Washington on May 8. A file photo released with the announcement showed a shipyard of Hanwha Ocean Co.
in Geoje, South Korea.
KUSPI will serve as a framework for the two countries to collaborate on shipbuilding matters. Officials from both sides described the initiative as a step toward deeper industrial ties in the maritime sector. The U.S. International Trade Administration reported that the memorandum establishes a formal channel for ongoing work in workforce training and modernization of shipbuilding facilities.
