South Korea's Revitalized Push: Making American Shipbuilding Great Again

HD Hyundai Heavy Industries, the world's largest shipbuilder, announced plans to merge with its affiliate, HD Hyundai Mipo, to gain a stronger foothold in the U.S. shipbuilding market. This move is part of a broader initiative dubbed 'Make American Shipbuilding Great Again,' which reflects increasing Korea-U.S. naval cooperation.

The merger aims to integrate Hyundai's advanced naval vessel technology with Mipo's production facilities, capitalizing on heightened global defense market demands. Specifically, there is a focus on expanding capabilities in icebreaker construction, driven by U.S. plans to bolster its Arctic presence through increased Coast Guard infrastructure.

In light of these strategic moves, shares in both companies rose significantly, buoyed by optimism around shipbuilding project potentials. The announcement followed South Korea's investment promises in the U.S. sector, coinciding with bilateral trade talks where shipbuilding played a key role in negotiating tariff reductions.

(With inputs from agencies.)