United States and South Korea Launch Shipbuilding Partnership Initiative

(Patria) - The United States Department of Commerce and the Ministry of Trade, Industry and Resources of South Korea signed a Memorandum of Understanding on Friday establishing the Korea-U.S. Shipbuilding Partnership Initiative, Reuters reported late last night.

The initiative will leverage the Korea-U.S. Shipbuilding Partnership Center, which is expected to be established later this year in Washington.

Specific activities include facilitating foreign direct investment in the U.S. maritime industrial base, workforce training initiatives, shipyard productivity improvement projects, and technical exchanges.

The Department of Commerce will help facilitate the center's interaction with U.S. shipbuilding companies, suppliers, universities, and research institutes. The Department will serve as the point of contact for the center at the U.S. government level.

The Ministry of Trade, Industry and Resources will coordinate cooperation between the South Korean government and other shipbuilding stakeholders.