Hanwha Group is planning to invest $5 billion in Hanwha Philly Shipyard infrastructure, supporting South Korea’s commitment of expanding the U.S. shipbuilding industry through a $150 billion investment fund, according to a staff report from FOX 29 Philadelphia.
The announcement came in time for the christening of the U.S. Maritime Administration’s third National Security Multi-mission Vessel, a new training vessel.
The naming ceremony was held at Hanwha Philly Shipyard in the presence of South Korean President Lee Jae Myung, the First Lady, Pennsylvania Governor Josh Shapiro, Senator Todd Young, and other officials from both countries.
The Lee administration had pledged the investment in American shipbuilding during a trade deal between Korea and the U.S.
Hanwha Vice Chairman Dong Kwan Kim used his speech to thank leaders from both countries and underscore the importance of the partnership in the shipbuilding industry.
“Today’s christening ceremony is the embodiment of our two nations working side by side to reindustrialize for the sake of shared security and prosperity,” he said.
Hanwha purchased Philly Shipyard through a $100 million investment last year, which created a landmark hub for shipbuilding in America.
Read more about the new investment and what it means for U.S. shipbuilding on FOX 29 Philadelphia.
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