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Cho and U.S. Envoy Tour Ulsan Shipyard to Align $150 Billion MASGA Plan Ahead of Lee-Trump Summit

The visit aimed to accelerate U.S. legislation and tax reforms needed to unlock Seoul’s $150 billion pledge to revitalize American shipbuilding ahead of the summit.

Foreign Minister Cho Hyun (C), acting U.S. Ambassador to South Korea Joseph Yun (7th from L) and other officials pose for a photo while touring HD Hyundai Heavy Industries Co.'s shipyard in Ulsan, about 300 kilometers southeast of Seoul, on Aug. 13, 2025, in this photo provided by the South Korean shipbuilder. (PHOTO NOT FOR SALE) (Yonhap)
Foreign Minister Cho Hyun (3rd from L) and acting U.S. Ambassador to Seoul Joseph Yun (4th from L) are briefed by an official during their site visit to a shipyard run by South Korea's HD Hyundai Heavy Industries Co. in Ulsan, about 320 kilometers southeast of Seoul, on Aug. 13, 2025, in this photo provided by the foreign ministry. (PHOTO NOT FOR SALE) (Yonhap)
In this file photo, Joseph Yun, acting U.S. ambassador to Seoul, gives a commemorative speech at the Hyatt Hotel in Seoul's Yongsan district in celebration of the United State's Independence Day on July 2, 2025. (Pool photo) (Yonhap)

Overview

  • On Aug. 12–13, Foreign Minister Cho Hyun and Acting U.S. Ambassador Joseph Yun toured HD Hyundai’s Ulsan shipyard to inspect facilities and discuss expanding cooperation under the MASGA initiative.
  • HD Hyundai pledged to provide full support for MASGA, highlighting its advanced shipbuilding capabilities and outlining its role in new U.S. yard construction, technology transfer and workforce development.
  • Early deliverables include HD Hyundai’s maintenance, repair and overhaul contract for the USNS Alan Shepard and Hanwha’s $100 million acquisition and modernization of Philadelphia Shipyard.
  • Lawmakers and industry leaders pressed for faster U.S. enabling legislation and tax incentives to allow overseas naval construction and repairs and to safeguard Korean shipbuilders’ interests.
  • Ahead of President Lee Jae Myung’s Aug. 25 meeting with President Trump, Seoul is coordinating further site visits—potentially to Hanwha’s Philadelphia yard—to showcase MASGA progress.