SEOUL, August 26 (AJP) - South Korean and American companies signed 11 agreements and memorandums of understanding across shipbuilding, nuclear energy, aviation, liquefied natural gas and critical minerals during President Lee Jae Myung’s visit to Washington.
The agreements were announced at a Korea–U.S. Business Roundtable on Monday at Washington D.C. (local time), attended by South Korea’s Trade Minister, Kim Jung-kwan, and U.S. Commerce Secretary Howard Lutnick, according to the Ministry of Trade, Industry and Energy.
Six of the deals centered on investment and technology cooperation in shipbuilding and nuclear power, areas seen as strategically important to both countries.
HD Hyundai, the Korea Development Bank and Cerberus Capital Management agreed to create a multibillion-dollar investment fund to strengthen maritime capabilities in the United States and its allies.
The fund will target American shipbuilding, marine logistics infrastructure and advanced maritime technologies. HD Hyundai said it hoped to expand the partnership to include ship construction, technical support and workforce training.
Samsung Heavy Industries signed a partnership with Vigor Marine Group to collaborate on shipbuilding, shipyard modernization and maintenance services for U.S. Navy support vessels.
In nuclear energy, Korea Hydro & Nuclear Power, Doosan Enerbility, U.S.-based reactor developer X-energy and Amazon Web Services signed a four-way pact to cooperate on small modular reactor projects, including design, construction and supply chain development.
Doosan also reached an agreement with Fermi America, a U.S. private energy developer, to supply both large and small reactor components for an “AI Campus Project” in Texas.
KHNP and Samsung C&T signed another memorandum with Fermi America to support the same project, while KHNP separately agreed with Centrus Energy, a U.S. uranium enrichment firm, to invest in expanding enrichment capacity.
In aviation, Korean Air finalized two major agreements: a $36.2 billion deal with Boeing for 103 next-generation, fuel-efficient aircraft, and a $13.7 billion contract with GE Aerospace for engines and long-term maintenance.
In energy, Korea Gas Corporation signed a contract with the global trader Trafigura to purchase 3.3 million tons of U.S.-sourced liquefied natural gas annually for 10 years beginning in 2028.
Korea Zinc also signed an agreement with Lockheed Martin to secure supplies of germanium, a critical mineral, and to strengthen cooperation on supply chains.
“The government will provide all necessary support to ensure Korea–U.S. manufacturing cooperation can usher in a new renaissance,” Minister Kim said. “We will do our best to create unlimited business opportunities for companies in both countries.”
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