South Korea and the United States have continued detailed consultations on a strategic investment initiative valued at approximately $350 billion, following the trade agreement reached last year. The discussions focused on advancing major investment projects in the U.S., with attention centered on the early implementation phase of the “MASGA (Make American Shipbuilding Great Again) Project.” According to the Ministry of Trade, Industry and Resources, Minister of Industry Kim Jung-kwan travelled to Washington, D.C., from the 6th to the 9th April 2026 for meetings aimed at strengthening bilateral cooperation across industrial and trade sectors, including strategic investment projects in the U.S. The talks represented another step forward for the MASGA Project as both governments move toward concrete implementation plans.
During the visit, Minister Kim held discussions with U.S. Secretary of Commerce Howard Lutnick regarding South Korea’s progress after the enactment of the Special Act on Investment in the U.S. The two sides also reviewed the overall direction of future strategic investment initiatives. Areas identified as mutual priorities included shipbuilding and energy.
The ministry and the U.S. Department of Commerce also signed a memorandum of understanding (MOU) covering the ‘Korea-U.S. Shipbuilding Partnership Initiative.’ Under the agreement, the two governments will establish and operate the ‘Korea-U.S. Shipbuilding Cooperation Center’ in Washington, D.C., within 2026. The initiative was the first visible outcome since the official launch of the MASGA Project. The center will focus on developing a local cooperative network connecting the shipbuilding industries of both countries while encouraging joint research and development (R&D) activities and direct investment projects involving private-sector companies. In addition, the facility will support productivity enhancement initiatives at U.S. shipyards and oversee workforce training programs locally. The initiative will continue through 2028 under the leadership of the Shipbuilding and Marine Engineering Research Institute, with participation from the Korea OffShore & Shipbuilding Association. The allocated budget for 2026 stands at 6.6 billion Korean won.
As part of the Washington meetings, Minister Kim also met Russell Vought, Director of the White House Office of Management and Budget (OMB), who is responsible for overseeing the U.S. government budget process. During the talks, Kim requested active budgetary support for the MASGA Project.
