SEOUL, July 23 (Yonhap) -- South Korea and the United States have opened the Korea-U.S. Shipbuilding Partnership Center (KUSPC) in Washington to facilitate US$150 billion in investment under the bilateral "MASGA" initiative aimed at helping revive the U.S. shipbuilding industry, the trade ministry said Thursday.

The opening comes two months after the two countries signed a memorandum of understanding (MOU) to establish the center on May 8.

In his welcoming remarks, Industry Minister Kim Jung-kwan said the KUSPC is an unprecedented global platform for cooperation in the shipbuilding sector and demonstrates South Korea's strong commitment to helping rebuild the struggling U.S. shipbuilding industry.

"KUSPC will swiftly implement the planned shipbuilding investments in the U.S.," Kim said, urging the U.S. government to provide full support, including a steady pipeline of shipbuilding orders, incentives and regulatory easing.

The Defense Acquisition Program Administration (DAPA), South Korea's state arms procurement agency, said it will explore opportunities for cooperation in the naval shipbuilding sector and help Korean companies join U.S. shipbuilding and defense supply chains.

In the presence of Kim and U.S. Commerce Secretary Howard Lutnick, the two allies signed 15 MOUs in four areas: establishing "Team Korea" to promote the shared growth of the South Korea-U.S. shipbuilding industry; strengthening supply chain cooperation; workforce training; and joint technology development.

Team Korea comprises the KUSPC; three Korean shipbuilders -- HD Hyundai Heavy Industries Co., Hanwha Ocean Co. and Samsung Heavy Industries Co.; the Korea Offshore & Shipbuilding Association (KOSHIPA); and the Korea Research Institute of Ships & Ocean Engineering (KRISO).

MASGA refers to Seoul's "Make American Shipbuilding Great Again" initiative, one of the key programs that helped South Korea secure a tariff agreement with the U.S. last year.

Under the initiative, Seoul has agreed to invest $150 billion to help revitalize the U.S. shipbuilding industry as part of a larger $350 billion investment commitment to the U.S.

kyongae.choi@yna.co.kr

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