U.S. Tariff Negotiation Key 'MASGA' Also Taken Up by National Assembly... Rep. Lee Eon-ju Proposes 'MASGA Support Act'

[Financial News] Democratic Party of Korea Supreme Council Member Lee Eon-ju announced on the 31st that she plans to propose the 'MASGA (Make American Shipbuilding Great Again) Support Act' for the shipbuilding cooperation project proposed by the Lee Jae-myung government in tariff negotiations with the United States. This project, named by adding 'Shipbuilding' to MAGA, a representative political slogan of U.S. President Donald Trump, is composed of a package that includes large-scale local investments by Korean private shipbuilders in the U.S. and financial support such as loans and guarantees to support them.
The MASGA Support Act, proposed by Supreme Council Member Lee, mainly contains content to support the promotion of shipbuilding cooperation between South Korea and the United States. In particular, it focuses on national support and diplomatic negotiations and agreement support to allow Korean companies to participate in the construction and maintenance (MRO) of U.S. Navy ships. Specifically, it includes the creation of a Korea-U.S. Shipbuilding Cooperation Fund, the establishment of a Korea-U.S. Shipbuilding Cooperation Council, the designation of special zones for defense bases to build U.S. warships, transport ships, and related blocks based on Korea-U.S. agreements, and guarantees and investments by the Korean government for necessary infrastructure construction.
Additionally, it aims to allow only skilled workers of Korean and American nationality to be used, enable investment and fund support based on long-term military supply contracts, and secure stable long-term MRO volumes. Through this, it plans to establish a foundation to solidify shipbuilding cooperation between Korea and the U.S.
On the 29th, Supreme Council Member Lee appeared on BBS Radio and said, "In the case of the U.S., the shipbuilding industry is practically in a state of closure, being only a fraction of our country's scale," and "Korea's help is essential for the revival of the U.S. shipbuilding industry." She also mentioned, "If a long-term agreement is made for U.S. warship construction and MRO, the current sales volume will more than double."
Supreme Council Member Lee explained the purpose of the bill proposal by saying, "Legal and institutional arrangements have been prepared at the National Assembly level to support the conclusion of the Navy Shipbuilding Agreement and strategic cooperation."



gowell@fnnews.com Kim Hyung-gu Reporter