U.S. President Donald Trump touted his nation's “special relationship” with South Korea and the two nations' long-standing shipbuilding partnership during his opening remarks at the Asia-Pacific Economic Cooperation(APEC) CEO Summit.

Trump vowed to bring the U.S. shipbuilding industry back "very powerfully" during the event's opening ceremony at the Gyeongju Arts Center on Wednesday morning.

The president lamented that the United States, once the world’s top shipbuilder, now lags in the industry and promised to restore its status through collaboration with South Korea.

He continued that Hanwha Philly Shipyard, in the U.S. state of Pennsylvania, will become the world's most successful dockyard.

Trump blamed the decline of U.S. shipbuilding on previous U.S. presidents and said he would revive the sector.

He stated that when the United States thrives, its partners, including those in the Indo-Pacific region, also thrive, and the entire world becomes safer, wealthier, and stronger.