Government and Industry Collaborate on MASGA Initiative

In a groundbreaking move, the government of Korea and the nation's top three shipbuilding companies are joining forces to establish a task force (TF) dedicated to the success of the "Make American Shipbuilding Great Again (MASGA)" project. This initiative follows a recent agreement between Korea and the United States to create a $150 billion shipbuilding cooperation fund during tariff negotiations.

Strengthening Korea-U.S. Shipbuilding Cooperation

The Korea Offshore & Shipbuilding Association, along with HD Korea Shipbuilding & Offshore Engineering, Hanwha Ocean, and Samsung Heavy Industries, are actively participating in the TF. Each company is contributing one executive and one working-level employee to the effort. The government is set to form a public-private joint TF to further this collaboration, potentially including the minister of trade, industry, and energy and the CEOs of the involved companies.

Expanding Beyond Shipbuilding

The MASGA project is seen as a pivotal element in Korea-U.S. cooperation, with expectations running high. Kim Yong-bum, a key figure in the negotiations, highlighted the importance of shipbuilding in the discussions. Meanwhile, collaboration extends to other sectors, exemplified by Korea Trade Insurance Corp.'s $1 billion guarantee for LG Chem's cathode material plant in Tennessee, marking a significant post-negotiation investment in the U.S.