Hanwha Group has announced that it will invest an additional five billion U.S. dollars into its shipyard in Philadelphia in the wake of commitments made during the recent South Korea-U.S. summit.

The announcement came Tuesday during a christening ceremony at Hanhwa Philly Shipyard for a new training vessel, the U.S. Maritime Administration’s third national security multi-mission vessel, attended by South Korean President Lee Jae Myung after his talks with U.S. President Donald Trump.

In a celebratory address, Hanwha Vice Chairman Kim Dong-kwan said the investment plans mark the start of cooperation between the two countries under the “Make American Shipbuilding Great Again” project. 

The main source of the investment is the 150 billion dollars earmarked by the South Korean government for the shipbuilding sector as part of a pledge to aid U.S. projects.

The five billion dollars will be dedicated to expanding the Philly Shipyard with the installation of two additional docks and three quays, to increase capacity and annual production from fewer than two ships to as many as 20, according to Hanwha Group.

The company stressed that Hanwha Philly Shipyard will play a key role in future collaboration between the two countries.

To mark the event, Hanwha Shipping, an affiliate of Hanwha Group, ordered 10 medium-sized oil tankers and one LNG carrier to be produced at the shipyard.