South Korean President Lee Jae Myung speaks in Philly

South Korean President Lee Jae Myung announces $5B investment in Philly Shipyard

US-SKOREA-ECONOMY-SHIPPING — Source: MATTHEW HATCHER / Getty

A group of Philadelphia activists have banded together to oppose Republic of Korea President Lee Jae Myung who was set to speak at Hanwha’s Philadelphia shipyard on a $5 billion investment into Philly shipbuilding agreed to by Lee and President Trump, who met the day before in Washington, DC.

According to sources, the deal entailed the lowering of the U.S. tariff rate for South Korean goods from the proposed 25% down to 15% in exchange for a direct investment of $150 billion into the U.S. shipbuilding industry, a deal proposed by Lee as “MASGA” or “Make American Shipbuilding Great Again.” $5 billion of that $150 billion will be spent on developing Hanwha’s shipbuilding venture in Philadelphia.

Hanwha, one of the Republic of Korea’s (ROK’s) largest shipbuilding corporations, acquired Philadelphia shipyard in 2024. While initially meant as a site for repairing existing ships, Hanwha’s Philly Shipyard has expanded into the manufacture of new ships, and now, after the recent large investment from the ROK, will begin building warships for U.S. use.

An organizer from Koreans for Decolonization spoke out against the naval shipbuilding company, Hanwha, stating that “the heads of these companies are traitors, feeding themselves by escalating tensions and contributing to the U.S. war economy. They continue to be nothing but a happy pawn in the war that the U.S. wages against the world.” The organizer also spoke with members of the Korean press.

Another organizer, from Filipino youth group Anakbayan said, “The people of the Asia Pacific say no! No to subservience to empire. No to profiteering from imperialist war. No to U.S. military in our homelands. We stand shoulder to shoulder with all those resisting U.S. imperialism and fighting for self-determination for their people.”