A major trilateral investment initiative involving Greece, South Korea and the United States is set to reshape the country’s industrial and defence landscape, following the unveiling of “Project Trident,” a strategic development plan centered on the Elefsina Shipyards near Athens, presented during the signing of a strategic alliance agreement between ONEX Shipyards & Technologies Group and Hanwha Ocean at the US embassy in Greece.

At the heart of the plan is an investment program totalling €1.35bn, which provides for the expansion of Greece’s shipbuilding capabilities.

Under the agreement, ONEX will implement a phased shipyard infrastructure investment plan totalling €1.35bn, supported in part by financing from the U.S. International Development Finance Corporation (DFC).

South Korea’s Hanwha Ocean will actively support this initiative by providing the advanced technologies and expertise.

The two partners, Hanwha Ocean and ONEX, aim to enhance shipbuilding and maintenance, repair, and overhaul (MRO) capabilities at ONEX shipyards.

The goal is to establish a key naval shipbuilding and maintenance hub in the Mediterranean that can serve not only the Hellenic Navy but also allied forces.

The agreement outlines a comprehensive roadmap that includes ONEX’s infrastructure investments and Hanwha Ocean’s technological support. It also represents a step forward following the Teaming Agreement signed in March and the beginning of a trilateral maritime defence partnership among South Korea, Greece, and the United States.

The U.S. Ambassador to Greece, Kimberly Guilfoyle, described the agreement as a strategic investment in action, that cements cooperation in shipbuilding between Greece, the U.S., and South Korea.

“Under Trump’s leadership, America is working with our valued partners Greece and the Republic of Korea to bring back maritime dominance,” she said. “I was honored to host ONEX and Hanwha Ocean for a signing ceremony that cements cooperation in shipbuilding between our three great nations. The United States is proud to stand with Greece and Korea to build a more secure and prosperous future together. This is strategic investment in action.”

Greek deputy foreign minister Harry Theoharis called the agreement historically significant, highlighting that it brings together U.S. defence technology, Korean shipbuilding expertise, and Greek industrial capabilities.

He noted that Greece has all the resources to develop into a major hub of shipbuilding, defence support and technological innovation in the Eastern Mediterranean.

Mr. Theoharis underlined that Elefsina could play a decisive role in supporting complex naval programs, contributing substantially to the strengthening of the country’s productive and industrial base.

As he mentioned, the “Project Trident” agreement marks the creation of a new shipbuilding, industrial and defence ecosystem centered on Elefsina. “This specific cooperation is not only about defence. It is about development, extroversion and the creation of new opportunities for the Greek economy,” the deputy foreign minister highlighted.