Chung Ki-sun Meets Philippine Defense Minister, "Strengthen Local Production"

[Financial News] HD Hyundai Chairman Chung Ki-sun met with the Philippine Minister of National Defense to discuss ways to expand shipbuilding and defense cooperation utilizing the production base in Subic. The plan is to broaden the scope of cooperation to include the modernization of the Philippine Navy (PN) and the strengthening of the competitiveness of the local shipbuilding industry, building upon the naval vessel cooperation that has continued for the past decade.
HD Hyundai announced on the 8th that Chairman Chung met with Philippine Defense Secretary Gilberto C. Teodoro Jr. in Seoul on the 7th to discuss ways to expand cooperation in the shipbuilding and defense sectors.
Both sides evaluated the achievements of defense cooperation between HD Hyundai and the Philippines over the past decade and agreed on the need to expand the scope of cooperation to include the modernization of the Philippine Navy (PN) and the strengthening of the competitiveness of the local shipbuilding industry based on this.
Cooperation between HD Hyundai and the Philippines in naval vessel projects began in earnest following the Philippine Navy's (PN) first frigate contract in 2016. Since then, the scope of cooperation has expanded to include the construction of new vessels and follow-up projects. HD Hyundai has secured orders for 12 vessels from the Philippines to date, of which six have been delivered.
During the meeting, the HD Hyundai Philippines shipyard, which began operations last year in the Subic region of the Philippines, was mentioned as a key hub for industrial cooperation between the two sides. HD Hyundai recently successfully launched the first vessel built there and plans to deliver it to the shipowner next year. The company also plans to gradually expand its production capacity in accordance with local operational conditions.
Minister Teodoro assessed that cooperation with HD Hyundai is strategically important for the modernization of the Philippine Navy (PN) and the revitalization of the shipbuilding industry, and welcomed the expansion of HD Hyundai's local business base. He also expressed his intention to continuously seek mutually beneficial cooperation measures that provide tangible assistance to both sides.
Chairman Chung said, "Based on the consistent policies and cooperation of the Philippine government and Navy, we were able to significantly contribute to elevating the capabilities of the Philippine Navy (PN) to the next level, and HD Hyundai was also able to stably carry out the project."
"We added, 'Based on the experience of achieving business success and expansion over the past 10 years based on mutual trust, we will seek opportunities for long-term industrial cooperation in a wider range of fields beyond the construction of merchant ships and warships.'"
HD Hyundai plans to continue additional cooperation, such as the follow-up frigate project in the Philippines, based on its local production base and the naval vessel business capabilities it has accumulated over the years.
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