(KPL/Yonhap) The Republic of Korean government will launch a consultative body of relevant ministries to support the shipbuilding cooperation initiative with the United States, the industry minister said Thursday, noting the project will create new opportunities for the Korean shipbuilding industry.

Industry Minister Kim Jung-kwan unveiled the plan during the naming ceremony of two liquefied natural gas (LNG) carriers to be delivered to the U.S. by Korean shipbuilding giant Hanwha Ocean Co., held at the company's shipyard in Geoje, about 330 kilometers southeast of Seoul, according to the Ministry of Trade, Industry and Energy.

"The government will swiftly form a consultative body comprising relevant agencies to support the Make American Shipbuilding Great Again (MASGA) project, while closely communicating with the U.S. side to create tangible results," he said.

MASGA refers to South Korea's proposal for bilateral shipbuilding cooperation with the U.S. made during its tariff negotiations with the Donald Trump administration.

Late last month, the Seoul government struck a trade deal with the Trump administration by pledging to invest US$150 billion in the MASGA project and another $200 billion for bilateral cooperation in strategic industries, such as semiconductors, batteries and biotech.

"MASGA is a win-win project that supports the revitalization of the U.S. shipbuilding industry by facilitating investment in American shipyards, while helping them nurture a skilled workforce and rebuild supply chains," Kim added, according to the industry ministry. "The project will also create new opportunities for our companies to enter new markets."

KPL