Minister of Trade, Industry and Resources Kim Jung-Kwan (third from left) on May 8 poses for photos with U.S. Secretary of Commerce Howard Lutnick (second from left) and other officials at a ceremony for the signing of a memorandum of understanding on the Korea-U.S. Shipbuilding Partnership at the Department of Commerce building in Washington. (Ministry of Trade, Industry and Resources)

By Yoo Yeon Gyeong

The Ministry of Trade, Industry and Resources and the U.S. have agreed to build a center in Washington for cooperation in the Korea-U.S. Shipbuilding Partnership Initiative (KUSPI).

The ministry on May 12 said Minister Kim Jung-Kwan and U.S. Secretary of Commerce Howard Lutnick on May 8 signed a memorandum of understanding on KUSPI at the Department of Commerce's building in Washington.

Under the agreements, both sides will set up a shipbuilding collaboration network linking the two countries and promote joint research and development and direct investment between companies. Their comprehensive cooperation will also span workforce training, exchanges and information sharing in the sector.

"We will maintain close communication with the U.S. on strategic investment projects in America," the ministry said. "We will do our best to further bolster bilateral cooperation in industry and energy to ensure stable management of trade issues."

dusrud21@korea.kr