South Korea Signs Deal to Advance $150 Billion Shipbuilding Investment in US

MT Newswires Live

Jun 26

The Korea-U.S. Strategic Investment Corporation (KUIC), four policy finance institutions, and three Korean shipbuilders signed a memorandum of understanding to deploy $150 billion in Korea-U.S. shipbuilding investments, the trade ministry said Thursday.

The four policy finance institutions are the Export-Import Bank of Korea, Korea Development Bank, Korea Trade Insurance Corporation, and Korea Ocean Business Corporation, while the three shipbuilders are HD Hyundai Heavy Industries (KRX:329180), Samsung Heavy Industries (KRX:010140), and Hanwha Ocean (KRX:042660).

Under the agreement, the parties will establish a consultative body to share information, identify project opportunities, and coordinate policy financing, the release said.

Shares of HD Hyundai Heavy Industries and Samsung Heavy Industries fell over 3%, while those of Hanwha Ocean declined more than 7% at market close on Friday.

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