U.S., South Korea Deepen Collaboration on Naval Ship Construction

South Korean President Lee Jae-myung discussed building warships with U.S. President Donald Trump during their meeting in New York. The two leaders met on September 22 on the sidelines of the United Nations General Assembly.

Lee said shipbuilding cooperation, including warship construction, was one of the issues they discussed while speaking at the Republic of Korea Investment Summit 2026 in New York.

He added that shipbuilding cooperation between South Korea and the United States was taking shape.

South Korea is also involved in developing next-generation firepower systems for the U.S. military, Lee said.

Lee’s office did not give more details about the vessels or when construction would start. It said Hanwha’s Philly Shipyard in Philadelphia would build U.S. military vessels.

Lee and Trump met for 30 minutes.

The meeting took place as South Korea and the United States work on a $350 billion investment package. Of the $350 billion, $150 billion has been set aside for the shipbuilding sector.

South Korea’s Industry Ministry briefed lawmakers on Tuesday about plans to put the investment package into action.

A gas-fired power project in Texas has been identified as a possible first investment under the package.

The shipbuilding part of the deal is expected to cover cooperation between the two countries in the sector, including the planned construction of U.S. military vessels.

Lee also spoke about other areas of cooperation between the two countries.

He said Samsung Electronics, SK Hynix, Hyundai Motor and Samsung Biologics were making large investments in Texas, Indiana, Georgia and Maryland, respectively.

Lee described South Korea and the United States as key partners supporting each other’s industries and economic security.

He added that South Korea expected the cooperation to go beyond economic growth and contribute to peace on the Korean Peninsula.

At the summit, Lee called for more investment in South Korea. He said the South Korean economy was moving towards “a new frontier”.

South Korea is working on three major projects focused on semiconductors, physical AI and AI data centres.

The country is also working on seven seed projects covering small modular reactors, nuclear fusion, renewable energy, biotechnology, quantum technology, aerospace, materials, parts and equipment, and critical minerals.

Lee said South Korea would expand its semiconductor production hubs and double its memory production capacity within five years. He added that the country would build a core AI supply chain that would remain stable during shocks.

The government is changing its investment support programmes to keep pace with changes in industry. It also plans to create a future-response fund to support future industries.

Lee said South Korea was making changes to increase shareholder value, including three amendments to the Commercial Act. He added the government would also speed up efforts to make it easier for global investors to invest in the country.

South Korea is also moving towards a 24-hour foreign exchange market.

The Republic of Korea Investment Summit 2026 was attended by business and industry leaders from South Korea and the United States.

References: reuters, sbs news