South Korean Industry Minister Kim Jung-kwan speaks to reporters upon his arrival at Dulles International Airport in Dulles, Virginia, USA, 06 May 2026. Jung-kwan is in the US to meet with US Commerce Secretary Howard Lutnick and other government officials to discuss South Korean investment projects in the US. Photo by YONHAP / EPA
May 10 (Asia Today) — South Korea and the United States are moving to strengthen industrial and energy cooperation centered on shipbuilding, nuclear power and strategic investment projects, as Seoul pushes to build a broader long-term economic alliance with Washington.
According to South Korea’s Ministry of Trade, Industry and Energy on Saturday, Industry Minister Kim Jung-kwan visited Washington from Tuesday through Friday for meetings with senior U.S. administration and congressional officials to discuss strategic investment projects and industrial cooperation.
The visit coincided with follow-up efforts tied to South Korea’s proposed special legislation aimed at expanding strategic investment in the United States and strengthening bilateral supply chain cooperation.
Kim met with Howard Lutnick to explain Seoul’s progress on implementing follow-up legal and administrative measures related to the investment initiative.
The discussions focused on shipbuilding and energy cooperation, with both sides reportedly seeking to move beyond preliminary talks toward commercially viable joint projects.
South Korea’s trade ministry and the United States Department of Commerce also signed a memorandum of understanding establishing a “U.S.-South Korea Shipbuilding Partnership Initiative.”
Under the agreement, the two countries plan to establish a joint shipbuilding cooperation center supporting research and development, direct investment, workforce training and information sharing.
South Korean officials said the partnership could expand opportunities for Korean shipbuilders as the United States seeks to reorganize its shipbuilding and maritime supply chains.
Kim also met with Russell Vought, head of the White House Office of Management and Budget, to discuss support for South Korea’s proposed “MASGA project,” which Seoul considers a major strategic investment initiative tied to bilateral industrial cooperation.
The Office of Management and Budget oversees federal spending and major policy programs and is expected to play a key role in future implementation.
In separate talks with Chris Wright, the two sides discussed expanding cooperation in nuclear power and broader energy supply chains.
The meetings reviewed progress in ongoing bilateral energy cooperation and explored additional collaboration opportunities involving nuclear energy and strategic energy infrastructure.
Kim also held a virtual meeting with Bill Hagerty to discuss nuclear power, digital industries and broader bilateral cooperation.
South Korea’s trade ministry said it plans to continue close coordination with both the U.S. administration and Congress to advance industrial partnerships while managing key trade issues.
— Reported by Asia Today; translated by UPI
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