US OMB Director Vows to Reward Companies Investing in US, Citing Frequent Shipbuilding Talks With South Korea

Russell Vought, Director of the White House Office of Management and Budget (OMB), emphasized shipbuilding cooperation with South Korea on the 2nd (local time) and expressed the position that companies investing in the United States must be rewarded.

Speaking at a conversation hosted by the Hudson Institute, a US think tank, Director Vought noted the need to receive investment and transfer know-how from foreign companies to revitalize the US shipbuilding industry, stating, "We will work with Japan and South Korea."

"We want to learn from them. We want to see how they build ships and apply that know-how here," Vought emphasized.

Pointing out that Hanwha made a massive investment when the Philadelphia shipyard in the US was in severe distress, Vought stated, "We believe we need to open up federal contracting opportunities. We should not just prioritize incumbent contractors."

He added, "We need to reward companies that come to this country and invest," noting that an assessment of capabilities across US shipyards has been conducted at the federal level and that there are many discussions underway with South Korea.

This is interpreted as meaning that the US government continues to consult with countries like South Korea regarding projects to modernize lagging shipyards or build new ones in the US, and that companies making investments should be supported in winning federal contracts in the shipbuilding sector.

Vought emphasized that the US had 49 shipyards during World War II, but that the number has dropped to 12, adding, "We desperately need more competition and more capacity."

Regarding President Donald Trump's decision to assign shipbuilding duties to the OMB, he said, "He did so from the perspective of government-wide execution," adding, "People might not think this is our role, but in terms of ensuring that various agencies are heading in the right direction, this is definitely our job."

President Trump previously allowed foreign shipbuilders investing in the US to build up to two US Navy vessels in their home countries last August, raising expectations that order opportunities could open up for South Korean shipbuilders.

South Korea agreed to a 350 billion dollar investment in the US last year while lowering US tariffs from 25% to 15%, with 150 billion dollars of that allocated for cooperation in the shipbuilding sector.

The OMB is also in charge of rebuilding the US shipbuilding industry, and a report titled "America's Maritime Action Plan," containing measures to rebuild US shipbuilding capacity, was released last February under the names of Director Vought and Secretary of State Marco Rubio.

(Photo: Capture from Hudson Institute website, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.