PHILADELPHIA – Hanwha Group announced a $5 billion infrastructure plan for Hanwha Philly Shipyard as part of South Korea’s commitment to supporting growth of the U.S. shipbuilding industry through a $150 billion investment fund. The announcement was made in time for the christening of a new training vessel, the U.S. Maritime Administration’s (MARAD) third National Security Multi-mission Vessel (NSMV).
What we know: — The naming ceremony, which took place at Hanwha Philly Shipyard, was attended by South Korean President Lee Jae Myung, the First Lady, and other senior officials. Pennsylvania Governor Josh Shapiro and Senator Todd Young also joined the event.
The ceremony followed summit talks between President Lee and U.S. President Donald Trump. Earlier, the Lee administration had pledged $150 billion in American shipbuilding investments during a trade deal between Korea and the U.S. Hanwha Philly Shipyard is expected to play a key role in future collaboration between the two countries.…