Korean shipbuilding industry welcomes discussions for possible cooperation with US

Seoul, July 14 (IANS) South Korea's shipbuilding industry welcomed the government's ongoing discussions with the United States regarding potential cooperation in the sector, calling it a "new opportunity" for the sector, Seoul's industry ministry said on Monday.

The Ministry of Industry, Trade and Energy met with officials from major shipbuilders here, including HD Korea Shipbuilding & Offshore Engineering Co., and shipbuilding affiliates of Hanwha Group and Samsung Group, as well as equipment companies, in the southeastern port city of Busan to discuss measures to promote the sustainable development of the sector, according to ministry officials.

In the meeting, the shipbuilders expressed anticipation for cooperation opportunities with the U.S., saying they hope for collaboration across various areas, such as maintenance, repair and operations (MRO), as well as supply chain development, to support the overall growth of the industry, reports Yonhap news agency.

Park Dong-il, the ministry's director general for manufacturing industry, who presided over the meeting, said, "The government plans to officially push for the establishment of the Korea-U.S. shipbuilding partnership in the latter half of this year."

The government will also work to devise measures to find new growth engines for the industry, beyond the area of liquefied natural gas (LNG) carriers that led the recent growth, and bolster the competitiveness of the shipbuilding equipment manufacturers, he added.

South Korea's Trade Minister Yeo Han-koo previously said he proposed advancing bilateral manufacturing cooperation to U.S. President Donald Trump's administration as one of the ways to reduce Seoul's trade surplus with Washington during recent trade talks.

The Trump administration showed particular interest in potential collaboration in the shipbuilding and semiconductor sectors, Yeo has said.

The proposal was made as Seoul aims to conclude tariff negotiations with the U.S. by August 1 in a bid to get full exemption or reduction of the 25 percent reciprocal tariffs and sectoral duties on steel, automobile and other imports.

--IANS

na/