SEOUL, November 03 (AJP) - South Korea's HD Hyundai Heavy Industries has signed a letter of intent with Peru’s state-run SIMA shipyard to jointly develop a new class of submarines for the Peruvian Navy, in what could become one of its most significant defense export ventures in Latin America.
The agreement, announced Monday, builds on a series of accords between the two countries over the past year. It follows a memorandum of understanding signed at the APEC summit in Peru last November and a memorandum of agreement reached during the SITDEF defense exhibition in April.
The letter of intent, timed to coincide with the APEC 2025 in Gyeongju, lays the groundwork for a final contract on submarine development and construction.
At the signing ceremony were Joo Won-ho, president of HD Hyundai Heavy Industries, Teresa Mera, Peru’s minister of trade and tourism, and Adm. Bravo de Rueda, commander of the Peruvian Navy.
Under the agreement, the two companies will discuss cooperation in design, production, and technology transfer, as well as broader industrial partnerships. The aim is to conclude a formal development contract later this year, with Peruvian engineers working alongside HD Hyundai teams at the company’s Ulsan shipyard to design submarines tailored to Peru’s naval requirements.
The deal builds on an existing collaboration: HD Hyundai and SIMA are already constructing four naval vessels, including frigates and patrol ships, part of a broader effort to modernize Peru’s maritime capabilities. The partnership also includes training programs intended to bolster Peru’s shipbuilding workforce and expand local production capacity.
“The joint construction of four surface vessels has strengthened Peru’s shipbuilding industry and deepened bilateral cooperation,” Joo said in a statement. “This submarine project will take that partnership to the next level, enhancing the Peruvian Navy’s operational capabilities.”
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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