US, South Korea sign memorandum to advance shipbuilding cooperation

The US and South Korea signed an agreement Friday to expand cooperation in commercial shipbuilding, maritime manufacturing and workforce development, according to the US Commerce Department.

The Memorandum of Understanding (MoU) establishes the Korea-US Shipbuilding Partnership Initiative, or KUSPI, a platform designed to strengthen industrial collaboration between the two allies across the maritime sector.

The initiative will support cooperation in shipbuilding modernization, workforce training, technical exchanges and investment in maritime manufacturing, according to the agency.

The agreement also envisions the creation of a Korea-US Shipbuilding Partnership Center in Washington later this year to coordinate efforts between government agencies, private industry and research institutions from both countries.

Specific activities under the initiative include facilitating foreign direct investment into the US maritime industrial base, improving shipyard productivity and expanding workforce development programs, it said.