The president of South Korea is continuing his trip to the United States on Tuesday. On Monday, the main event was a White House meeting with President Trump, and now the focus shifts to business.
The Philadelphia Naval Shipyard was the nation's first, with construction starting during the American Revolution in 1776. In World War II, it employed some 40,000 people, but in later years it shrank dramatically.
The City of Philadelphia bought it in the 1990s, redeveloping it as a commercial center for a variety of businesses, including a small commercial shipyard.
Late last year, that operation was bought by a Korean company for $100 million — and became the Hanwha Philly Shipyard.
This week, it's become a focal point for one area of shared investment and development between the United States and South Korea: shipbuilding.
The Korean government is planning a $150 billion investment it calls “Make American Shipbuilding Great Again.”
There are even hats. But Korean investment in the United States goes deeper than shipyards.
Hyundai has had a plant in Alabama for 20 years, and opened one in Georgia late last year. Kia has a plant in Georgia and a design center in California.
Samsung makes semiconductors in Texas and washing machines in South Carolina.
The heads of all four of Korea's main conglomerates are with President Lee on his U.S. trip.
Details on further investments are likely to follow.
