Trump's visit to South Korea facilitates South Korean companies' investment in the modernization of the U.S. shipbuilding industry
The White House said on the 29th that President Trump, during his visit to South Korea, had reached an agreement with South Korean companies to participate in the modernization and capacity expansion of the U.S. shipbuilding industry.
Trump visited South Korea from October 29 to 30, attending a series of events prior to the Asia-Pacific Economic Cooperation Summit held in Gyeongju.
The White House statement said: "Hyundai Heavy Industries and Cerberus Capital Management in the United States will jointly establish an investment plan worth $5 billion to modernize U.S. shipyards, strengthen the supply chain system, and promote the application of new technologies such as autonomous navigation, digitalization, and automation."
The statement also mentioned that Samsung Heavy Industries and Vigor Marine Group will cooperate in areas such as maintenance and modernization of warships, shipyard automation, and the construction of new ships flying the American flag.
The White House stated: "Hanwha Ocean announced a $5 billion infrastructure investment plan aimed at strengthening the workforce at the Philadelphia Shipyard in Pennsylvania and increasing its existing production capacity by more than ten times."
According to the tariff agreement reached between the U.S. and South Korea in July this year, the South Korean government has committed to investing $150 billion in the U.S. shipbuilding industry, and a special cooperation fund will be established for this purpose.
In June, U.S. Defense Secretary Pete Hegseth said that due to systemic industry problems such as a declining industrial base and insufficient capacity, the United States lags behind China in the shipbuilding sector and is gradually losing its maritime advantage.
Source: sputniknews
Original: www.toutiao.com/article/1847339025233932/
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