Two South Korean shipbuilding titans are throwing their weight into new efforts to revitalize U.S. shipbuilding, with two impactful business decisions announced this week.

Hanwha Group, South Korea’s seventh largest business conglomerate, announced on Aug. 27 a $5 billion investment in Hanwha Philly Shipyard, which it acquired last December.

The company will install two new docks and three quays, plus build out a new assembly facility to boost shipbuilding capacity from two vessels to at least 20 per year. The shipyard will produce LNG carriers, naval modules and eventually U.S. naval vessels.

Present at the announcement in Philadelphia was South Korean President Lee Jae Myung, who also took part in a ceremony to christen a new training vessel for the U.S. Maritime Administration.

“The Republic of Korea’s shipbuilding industry is setting out to take on a new challenge to contribute to strengthening U.S. maritime security and rejuvenating America’s shipbuilding industry,” said Lee at the event.

Additionally, the HD Hyundai conglomerate, the owners of South Korea’s largest shipyard, announced this week the merger of HD Hyundai Heavy Industries and HD Hyundai Mipo.

The merger will consolidate its shipbuilding facilities located in Ulsan and expand HD Hyundai’s output as it seeks further cooperation with the United States.

HD Hyundai is a leader in producing an array of vessels, including submarines, and is reportedly looking to expand its production of icebreakers.

South Korea is a global heavyweight in shipbuilding, combining longtime tradition with technologically sophisticated shipyards that can churn out vessels at high speed with the power of smart technology and automated tools.

As the U.S. seeks to expand its maritime power to keep pace with an increasingly aggressive China, South Korean manufacturers are stepping in to help kick-start the effort.

Jobs will be created to benefit the U.S. workforce as Hanwha Philly commences its efforts to overhaul and modernize the shipyard, the company announced.

“We are creating good manufacturing jobs, building the world’s most advanced ships and fostering a new skilled workforce right here in America,” Hanwha Vice Chairman Dong Kwan Kim said per a release.

“This is just the beginning. Hanwha is committed to being a partner in building the next chapter of American shipbuilding.”