The creation of a new shipbuilding, industrial and defense ecosystem centered on Elefsina, through strategic cooperation between Greece, the United States and South Korea, marks the “Project Trident” agreement, which was presented at the signing ceremony of a Memorandum of Understanding between ONEX and Hanwha Ocean at the US Embassy in Athens.
The project focuses on an investment programme totalling 1.35 billion euros. Euro, which will upgrade and expand the country’s shipbuilding capabilities, develop new port and logistics infrastructure, and create modern industrial facilities capable of supporting international naval and defence programmes.
The design is developed in three phases. The first, worth €150 million, concerns the reinforcement of ship maintenance and repair capabilities through new facilities and large-scale tanks. The second, worth EUR 200 million, involves upgrading port infrastructure and creating modern logistics and supply chain facilities. The third, and largest phase, worth €1 billion, provides for the installation of advanced industrial equipment, automated production lines and specialised infrastructure that can even support submarine building and support programmes.
According to the projections presented, the venture is expected to generate up to 10.000 direct and indirect highly skilled jobs, while its contribution to the Greek economy is estimated to be close to 0.8% of GDP on an annual basis. At the same time, the plan envisages strong participation of the Greek defence and shipbuilding industry, with a target of up to 70% domestic value added in the projects to be developed.
As mentioned, Project Trident aspires to transform Elefsina into a regional shipbuilding and defence support centre for the Eastern Mediterranean, South Eastern Europe and the Black Sea, serving both the needs of the Navy and allied forces.
Kiberly Guilfoyle: Strategic investment for safety and growth
The United States Ambassador to Greece, Kimberly Guilfoyle, described the agreement as a strategic initiative that goes beyond the boundaries of business cooperation, referring to a joint commitment of Greece, the United States and South Korea to the security and prosperity of the wider region.
He said that trilateral cooperation can contribute to Greece’s emergence as a regional industrial naval defence centre, supporting the Navy, the US 6th Fleet, NATO forces and allied countries in the Mediterranean and Black Sea region.
She stressed that the programme will combine American and Korean technologies with the know-how of Greek industry, creating new possibilities for the construction, maintenance and technical support of naval units.
Χ. Theocharis: Elefsina acquires a key role in the new defence map
For his part, Deputy Foreign Minister Harris Theocharis described the agreement as of historic importance for Greece and international defence cooperation.
He noted that the partnership brings together US defence technology, Korean shipbuilding know-how and the capabilities of Greek industry, creating the conditions for the development of a strong shipbuilding and defence support centre in the Eastern Mediterranean.
Mr. Theocharis stressed that Elefsina can play a key role in supporting complex naval programmes, while the agreement creates new employment opportunities and transfer of know-how to the Greek economy.
P. Xenocostas: Greece is becoming a producer of defence capabilities
ONEX President and CEO Panos Xenokostas said the deal is a game-changer for the country’s shipbuilding industry.
He noted that the cooperation with Hanwha and the support of the United States create the conditions for Greece to become a central shipbuilding and industrial hub for the Mediterranean and Southeast Europe.
Mr. Xenokostas detailed the three-tier investment program of €1.35 billion, noting that the goal is to fully transform the ONEX shipyard into a vertically integrated facility for the construction, maintenance and support of naval units.
At the same time, he stressed that the participation of the Greek defence industry in the new programmes will be particularly high, with a target of 70% domestic added value, while he estimated that the investment will create 10.000 direct and indirect jobs within the next five to seven years.
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He said Greece can now move from the role of a buyer of defence systems to the role of a producer and supporter of advanced naval and defence capabilities.
Ju-seong Lim: Greece can become a strong shipbuilding and defence hub
Ju-seong Lim, Ambassador of the Republic of Korea to Greece, described the agreement as an important step to further strengthen cooperation between South Korea, Greece and the United States in the fields of shipbuilding, defence and technology.
He said that Greece has a strategic position in the Eastern Mediterranean and can play an important role in the development of a modern shipbuilding and defence ecosystem, with the Elefsina shipyards at its core. At the same time, he noted that the initiative creates new prospects for investment, transfer of know-how and industrial cooperation between the three countries.
Sean Seongwoo Park: cooperation can strengthen Greece’s shipbuilding and defense industry
The importance of cooperation between South Korea, Greece and the United States for the development of the shipbuilding and defense industry was highlighted by Sean Seongwoo Park, Senior Vice President of Hanwha’s Naval Ship International Business, who said it was an initiative that could create new prospects for industrial development and technological cooperation.
He said Hanwha has significant experience in the shipbuilding and defence sectors and believes that cooperation with ONEX can contribute to the modernisation of the Greek shipbuilding industry and the development of new capabilities to support naval programmes.
At the same time, he noted that the initiative strengthens the ties between Korea, Greece and the United States, creating conditions for new investments, transfer of know-how and further development of industrial cooperation in the wider Eastern Mediterranean region
