President Yoon Suk Yeol stated on September 23 that "the U.S. strategic vessels are planned to be built at the Philippine shipyard invested by Hanwha," indicating that more tangible results are expected from U.S.-Korea shipbuilding cooperation.
Speaking at the 'Korea Investment Summit 2026' held at a hotel in New York City, President Yoon noted, "Cooperation in the shipbuilding sector is becoming more concrete."
He also mentioned that he discussed shipbuilding cooperation, including warship construction, as a key agenda during his meeting with U.S. President Donald Trump the previous day.
"I had various discussions with President Trump last night, one of which was about cooperation in the shipbuilding sector, including warship construction," he said. "I expect that we will see more practical results in the future."
President Yoon emphasized that the combination of U.S. core technologies and capital with South Korea's manufacturing and supply capabilities is creating a closer connection between the two countries' advanced industries and supply chains. He stated, "The U.S. and South Korea are key partners supporting each other's industrial and economic security."
This indicates a commitment to developing U.S.-Korea shipbuilding cooperation as a core area for investment. During his meeting with President Trump, he also evaluated the progress of strategic investment negotiations with the U.S. and agreed to accelerate follow-up discussions in the shipbuilding sector.
In particular, President Yoon highlighted that major investments are being made by Samsung Electronics, SK Hynix, Hyundai Motor, and Samsung Biologics in Texas, Indiana, Georgia, and Maryland, respectively. He added that the industrial cooperation between the two countries will contribute not only to mutual prosperity but also to peace on the Korean Peninsula.
At the event, prominent figures from the U.S. financial and investment sectors attended, including Larry Fink, CEO of BlackRock; Jane Fraser, CEO of Citigroup; and Timothy Geithner, Chairman of Warburg Pincus. From South Korea, attendees included John Lim, President of Samsung Biologics; Yoo Jeong-jun, Vice Chairman of SK; Sung Kim, President of Hyundai Motor Group; Hyun Shin-kyun, President of LG CNS; Jeong In-seob, President of Hanwha Ocean; Song Yong-jin, President of Doosan Enerbility; and Kim Byung-hoon, CEO of APR.
President Yoon urged Wall Street investors to actively invest, stating that the South Korean economy is entering a new growth phase beyond recovery.
"It is almost certain that you will think, 'Why didn't I invest then?' after some time has passed without investing in South Korea," he said. "Please join us as investors in South Korea's growth and leap forward."
He proposed three mega projects focused on fostering advanced industries, including semiconductors, physical artificial intelligence (AI), and AI data centers, along with seven seed projects to secure next-generation growth engines. He also announced plans to double memory semiconductor production capacity and establish a core supply chain for AI within the next five years.
President Yoon emphasized the commitment to reforming capital and foreign exchange markets. He noted that through three amendments to the Commercial Act, obligations for directors to act in the best interests of shareholders and principles for the cancellation of treasury stocks have been introduced, stating that the South Korean stock market is moving away from undervaluation.
Additionally, he announced plans to transition the South Korean foreign exchange market to a 24-hour trading system, allowing foreign investors to conveniently trade and settle Korean won during London and New York time zones.
* This article has been translated by AI.
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