HD Hyundai is expanding its collaboration with the Philippine government to modernize the navy and develop the local shipbuilding and defense industries.
On September 7, HD Hyundai Chairman Chung Ki-sun met with Philippine Defense Secretary Gilberto C. Teodoro Jr. in Seoul to discuss ways to enhance cooperation in the shipbuilding and defense sectors.
During the meeting, both sides evaluated the achievements of the defense cooperation established over the past decade and agreed on the need to expand the scope of collaboration to include the modernization of the Philippine Navy and strengthening the competitiveness of the local shipbuilding industry.
The partnership between HD Hyundai and the Philippines in shipbuilding began in 2016 with the contract for the Philippine Navy's first frigate. Since then, the collaboration has continued to grow with new shipbuilding projects and follow-up contracts.
Notably, the meeting highlighted the operation of HD Hyundai Philippines in Subic last year as a significant turning point in industrial cooperation. HD Hyundai successfully launched its first vessel built there and plans to deliver it to the owner next year. The company also aims to gradually enhance production capabilities based on local operational conditions.
Secretary Teodoro emphasized the strategic importance of cooperation with HD Hyundai for the modernization of the Philippine Navy and revitalization of the shipbuilding industry, expressing support for the company's expansion of its business base in the Philippines. He also expressed a desire to continuously seek mutually beneficial cooperation that provides practical assistance to both parties.
Chairman Chung stated, "Thanks to the consistent policies and cooperation of the Philippine government and Navy, we have significantly contributed to enhancing the capabilities of the Philippine Navy, allowing HD Hyundai to operate its business stably. Based on mutual trust, we will seek long-term industrial cooperation opportunities in various fields beyond just commercial and naval shipbuilding."
To date, HD Hyundai has secured contracts for 12 vessels from the Philippines and has delivered six, with plans to continue collaboration on follow-up frigate projects leveraging its accumulated business capabilities.
* This article has been translated by AI.
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