Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Will Trump join Lee's visit to Hanwha's US shipyard?
Foreign Minister Cho Hyun, center, poses with acting U.S. Ambassador to Korea Joseph Yun, fifth from right, HD Hyundai Heavy Industries (HHI) CEO Lee Sang-kyun, fourth from right, and lawmakers from the National Assembly's Foreign Affairs and Unification Committee at HD HHI's shipyard in Ulsan, Wednesday. Courtesy of the Ministry of Foreign Affairs
By Park Jae-hyuk
Korean, US diplomats visit HD Hyundai shipyard to reaffirm partnership
Attention is focused on whether the upcoming summit between the leaders of Korea and the United States will lead to their first-ever visit to Hanwha Philly Shipyard in Philadelphia.
The speculation arose as the two countries' tariff deal from last month has been in part attributed to Seoul's proposal to invest $150 billion into the so-called "Make American Shipbuilding Great Again" (MASGA) project, which aims to revitalize U.S. shipyards with Korean investment.
During his forthcoming 48-hour trip to Washington to meet U.S. President Donald Trump on Aug. 25 (local time), President Lee Jae Myung is expected to tour the shipyard, which was acquired last year by the Korean conglomerate.
When asked Tuesday about Lee’s potential visit to the shipyard, presidential spokesperson Kang Yu-jung told reporters "it would be possible," though she declined to provide more details on the itinerary.
The major question is whether Trump will accompany Lee to the shipyard.
Although Trump has frequently expressed his willingness to cooperate with Korean shipbuilders and those of other allied nations to rebuild U.S. shipyards and counter China’s maritime ambitions, he has never visited Hanwha’s U.S. shipyard, located 225 kilometers from the White House. Neither Trump nor his key aides have publicly mentioned the MASGA project.
Hanwha Group Vice Chairman Kim Dong-kwan, center, poses with Russel Vought, second from left, director of the U.S. Office of Management and Budget, and U.S. Navy Secretary John Phelan, third from left, at Hanwha Philly Shipyard in Philadelphia, Pa., July 30 (local time). Courtesy of Hanwha Group
Instead, Russel Vought, director of the U.S. Office of Management and Budget, and U.S. Navy Secretary John Phelan visited the shipyard along with Hanwha Group Vice Chairman Kim Dong-kwan, just a day before the Korea-U.S. tariff agreement was signed. Citing a U.S. government source, Hanwha noted that Trump made the final decision on the tariff deal after being briefed on the officials’ tour of the facilities.
Cautious optimism is therefore growing about Lee and Trump posing for photos in front of a gantry crane at the shipyard while wearing red golf hats embroidered with the MASGA slogan and their national flags. Korea previously used these hats to persuade U.S. negotiators regarding the tariff agreement.
On Wednesday, diplomats from Korea and the U.S. reaffirmed the shipbuilding partnership by visiting HD Hyundai Heavy Industries’ (HHI) shipyard in Ulsan.
According to the company, Foreign Minister Cho Hyun expressed confidence in the success of the MASGA project while touring the shipyard with acting U.S. Ambassador to Korea Joseph Yun and lawmakers from the National Assembly's Foreign Affairs and Unification Committee.
“As shipbuilding cooperation has emerged as a key pillar of the alliance, we will actively consult with the U.S., relevant ministries and industry officials to ensure the Korea-U.S. shipbuilding partnership delivers mutually beneficial outcomes,” Cho said.
HD HHI CEO Lee Sang-kyun pledged the company’s support for the MASGA project, describing it as a new symbol of the Korea-U.S. alliance.
“We look forward to advancing the interests of both nations and the future of the shipbuilding industry,” he said.