South Korea Confirms Shipbuilding Cooperation After Trump Remarks

South Korea's Presidential Office on May 16 acknowledged US President Donald Trump's public remarks about potential shipbuilding cooperation between the two nations. The statement came one day after Trump on May 15 (local time) mentioned South Korea during a defense innovation summit at Pennsylvania's Army War College, saying Korean companies are working with the US on ship construction. The Presidential Office stated that both countries share a consensus on the importance of shipbuilding cooperation in developing the comprehensive strategic alliance, adding that specific cooperation plans will be formulated through working-level consultations.

Trump Announces South Korea Shipbuilding Partnership at Defense Summit

Trump on May 15 (local time) directly referenced South Korea while discussing the need to expand US naval power at the defense innovation summit. "We will probably be looking at some companies coming from South Korea and other regions," Trump stated. "They are working with us on ship construction." He added that the US would purchase some vessels built overseas, indicating openness to foreign-constructed ships.

Trump emphasized the US Navy's aging fleet, stating "the US Navy needs more ships" and "we have the world's best navy, but the ships are becoming increasingly outdated." He acknowledged that "we have long lost competitiveness in the shipbuilding industry" and stressed "now we must learn again. We used to build one ship per day, but now we have fallen behind in this field."

South Korea Passes US Investment Special Law on March 12

South Korea's National Assembly on March 12 passed the "Special Act for Korea-US Strategic Investment Management" to implement a memorandum of understanding (MOU) for $350 billion in US investment. The law establishes a separate Korea-US Strategic Investment Corporation, with shipbuilding cooperation reportedly holding the largest investment share in the agreement.

The Presidential Office stated on May 16 that "given the shared consensus between the two leaders on mutually beneficial cooperation in the shipbuilding sector, we expect to be able to specify cooperation plans through bilateral consultations going forward." The office added that "specific cooperation plans will be discussed through working-level consultations."

FAQ

What did Trump say about South Korea on May 15?

Trump on May 15 (local time) stated at Pennsylvania's Army War College that Korean companies are working with the US on ship construction and that the US will examine companies from South Korea for naval shipbuilding cooperation.

When did South Korea pass the US Investment Special Law?

South Korea's National Assembly passed the Special Act for Korea-US Strategic Investment Management on March 12, establishing a framework for $350 billion in US investment with shipbuilding cooperation holding the largest share.