South Korea and the United States have moved forward with discussions tied to the MASGA Project, focusing on strategic investment, shipbuilding cooperation, and energy infrastructure initiatives in the U.S.
The talks followed last year’s trade agreement and centered on a strategic investment package valued at around $350 billion. South Korea’s Ministry of Trade, Industry and Resources said Minister Kim Jung-kwan visited Washington, D.C., from 6 to 9 May 2026 to discuss closer industrial and trade cooperation between the two countries.
During the visit, Minister Kim met U.S. Secretary of Commerce Howard Lutnick and explained South Korea’s preparations following the enactment of the Special Act on Investment in the U.S. The two sides also discussed strategic investment projects in sectors of shared interest, including shipbuilding and energy.
Ahead of the Special Act taking effect on 18 June 2026 and the launch of the Korea-U.S. Strategic Investment Corporation, both governments reportedly reviewed options for the first investment project. The initial project is expected to involve energy infrastructure, including an LNG export terminal in Louisiana.
The ministry and the U.S. Department of Commerce also signed an MOU for the Korea-U.S. Shipbuilding Partnership Initiative. Under the agreement, the two countries will establish the Korea-U.S. Shipbuilding Cooperation Center in Washington, D.C., within 2026.
The center represents the first visible government-level step under the MASGA Project. It will support shipbuilding industry cooperation between the two countries, promote joint R&D activities, and assist direct investment projects between companies.
The initiative will also support productivity improvements at U.S. shipyards and operate local workforce training programs. The project is scheduled to continue through 2028 under the leadership of the Shipbuilding and Marine Engineering Research Institute, with participation from the Korea Offshore & Shipbuilding Association. The budget allocated for 2026 is 6.6 billion Korean won.
Minister Kim also met Russell Vought, Director of the White House Office of Management and Budget, and requested active budget support for the MASGA Project.
In separate discussions with U.S. Energy Secretary Chris Wright, both sides reviewed progress in energy cooperation, including nuclear power, and discussed ways to strengthen future collaboration.
The ministry said it will continue close communication with the U.S. side regarding strategic investment projects while working to strengthen bilateral industrial and energy cooperation and maintain stable trade relations.
