Deputy Prime Minister and Finance Minister Koo Yun-cheol (sixth from left) poses for a photo after signing a memorandum of understanding on Korea-US shipbuilding cooperation investment with the Korea-US Strategic Investment Corp., policy lenders and the country’s three major shipbuilders at the Export-Import Bank of Korea in Seoul, Thursday. (Ministry of Finance and Economy) South Korea on Thursday launched a joint financing alliance with its three biggest shipbuilders and major state policy lenders to drive a $150 billion Korea-US shipbuilding investment initiative aimed at expanding Korean companies' presence in the US market.The Ministry of Trade, Industry and Resources said the Korea-US Strategic Investment Corp., the Export-Import Bank of Korea, Korea Development Bank, Korea Trade Insurance Corp. and Korea Ocean Business Corp. signed an agreement with HD Hyundai Heavy Industries, Samsung Heavy Industries and Hanwha Ocean to coordinate financing and project development for Korea-US shipbuilding investments.The initiative is part of the Korea-US strategic investment memorandum of understanding signed on Nov. 14 last year. It is designed to help Korean shipbuilders expand in the United States while supporting Washington's efforts to rebuild its shipbuilding industry.Under the agreement, the participants will establish a Korea-US shipbuilding investment consultative body to identify investment opportunities, share project information and coordinate policy financing. Eximbank will serve as the secretariat, overseeing communication and monitoring project progress.The signing ceremony, held at Eximbank headquarters in Seoul, was attended by Finance Minister Koo Yun-cheol, Financial Services Commission Vice Chairman Kwon Dae-young and Park Dong-il, head of industrial policy at the Industry Ministry."This will be a mutually beneficial investment that helps rebuild the US shipbuilding industry while giving Korea's shipbuilding ecosystem — from major shipbuilders to smaller yards and equipment suppliers — access to new orders and markets," Koo said.He urged the Korea-US Strategic Investment Corp. and policy lenders to provide timely financing and help absorb risks that individual companies would struggle to shoulder on their own. He also called on major shipbuilders to identify commercially viable projects while ensuring smaller shipyards and equipment suppliers are included in the broader "Team Korea" initiative.Kwon said the government would strengthen coordination among the Korea-US Strategic Investment Corp., policy lenders and private financial institutions to ensure financing is provided without disruption.Park Jong-won, president of the Korea-US Strategic Investment Corp., described shipbuilding as one of the cornerstone sectors of the broader Korea-US strategic investment initiative."We will work closely with policy finance institutions to actively support Korean shipbuilders' investments in the US and help secure new shipbuilding orders," he said.Eximbank Chairman Hwang Ki-yeon said the bank would leverage its experience in ship finance to back the government's investment plan.Lee Sang-kyun, chief executive of HD Hyundai Heavy Industries, said the industry's priority is to turn Korea-US shipbuilding cooperation into tangible business opportunities."The Korean shipbuilding industry will identify investment opportunities with strong profitability and feasibility based on its world-class technology," Lee said. "We hope the government will provide broad support measures to open a new chapter in Korea-US shipbuilding cooperation."