Kim Junggwan Holds Successive Meetings with U.S. Commerce, OMB, and Energy Departments... Launches "Korea-U.S. Shipbuilding Alliance" Implementation Body

Establishment of the Korea-U.S. Shipbuilding Cooperation Center in Washington

Expanding Cooperation to Nuclear Power, Energy, and Digital Issues

Requesting Budget and Institutional Support for MASGA Initiative

Kim Jonggwan, Minister of Trade, Industry and Energy (right), poses for a commemorative photo before a meeting on the 9th (local time) in Washington D.C., USA, with Howard Lutnick, U.S. Secretary of Commerce. Ministry of Trade, Industry and Energy.

Kim Jonggwan, Minister of Trade, Industry and Energy, visited Washington D.C., USA, where he held a series of meetings with key U.S. government officials to strengthen strategic cooperation with the U.S. focused on the shipbuilding, energy, and nuclear power sectors. Notably, the two countries have agreed to establish the “Korea-U.S. Shipbuilding Cooperation Center,” which will act as a forward base for shipbuilding collaboration within the United States, signaling that bilateral cooperation in the shipbuilding industry is expanding beyond simple technology exchange to include joint investment and production cooperation.

From May 6 to May 9 (local time), Minister Kim visited Washington D.C. and met with Howard Lutnick, U.S. Secretary of Commerce; Russell Vought, Director of the White House Office of Management and Budget (OMB); and Chris Wright, Secretary of Energy, to discuss ways to strengthen strategic investment projects and industrial and trade cooperation with the United States.

The core of this visit to the United States was to establish a Korea-U.S. shipbuilding cooperation framework. In his meeting with Secretary Lutnick, Minister Kim explained the Korean government’s progress in enacting follow-up laws and establishing implementation systems after the passage of the Special Act on U.S. Investment, and discussed concrete directions for advancing strategic investment projects between Korea and the U.S. focused on shipbuilding and energy sectors.

On the occasion of their meeting, the two sides signed a Memorandum of Understanding (MOU) for the “Korea-U.S. Shipbuilding Partnership Initiative” between the Ministry of Trade, Industry and Energy and the U.S. Department of Commerce. Based on this MOU, both countries agreed to establish the “Korea-U.S. Shipbuilding Cooperation Center” in Washington D.C., and to pursue joint research and development (R&D), direct investment, supply chain cooperation, technology exchange, and the cultivation of skilled professionals. This center is expected to serve as a practical base for the Korean government’s MASGA (Make American Shipbuilding Great Again) initiative.

Minister of Trade, Industry and Energy Kim Jung-kwan (right) is greeting Russell Vought, Director of the Office of Management and Budget, on the 9th (local time) in Washington D.C., USA. Ministry of Trade, Industry and Energy.

In his meeting with Director Vought, Minister Kim also requested active support from the U.S. government to ensure the smooth implementation of the MASGA project. As the OMB oversees the U.S. federal budget and policy coordination, it is expected to play a significant role in budget support and institutional design for related projects going forward.

Discussions on energy cooperation also continued. Minister Kim met with Secretary Wright to review current issues in cooperation in the energy sector, including nuclear power, and to discuss ways to expand bilateral cooperation in the nuclear power industry. With the ongoing expansion of the U.S. market for new nuclear power plants and small modular reactors (SMRs), the potential participation of Korean companies was reportedly a key agenda item.

In addition, Minister Kim held a virtual meeting with Bill Hagerty, U.S. Senator from Tennessee and a representative pro-Korea lawmaker, to discuss cooperation in the nuclear power and digital sectors, as well as trade issues. The Ministry of Trade, Industry and Energy stated that it also conducted outreach activities to expand a favorable cooperative base within the U.S. Congress and to enhance mutual understanding on digital regulation issues.

The Ministry of Trade, Industry and Energy stated, "We plan to continue close communication with the U.S. side regarding strategic investment projects and to further expand Korea-U.S. cooperation centered on strategic industries such as shipbuilding, nuclear power, and energy."

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