A new shipbuilding, industrial, and defense ecosystem centered in Elefsina is being launched through a strategic partnership between Greece, the United States, and South Korea. The initiative was presented during the signing ceremony of a memorandum of cooperation between ONEX and Hanwha Ocean at the U.S. Ambassador’s residence in Athens.

At the core of the plan is a total investment program of €1.35 billion, aimed at upgrading and expanding Greece’s shipbuilding capacity, developing new port and logistics infrastructure, and building modern industrial facilities capable of supporting international naval and defense programs.

The project is structured in three phases. The first phase, worth €150 million, focuses on strengthening ship repair and maintenance capabilities through new facilities and large-scale dry docks. The second phase, worth €200 million, involves upgrading port infrastructure and creating modern logistics and supply chain facilities. The third and largest phase, worth €1 billion, includes advanced industrial equipment, automated production lines, and specialized infrastructure capable of supporting even submarine construction and support programs.

According to projections presented, the project is expected to create up to 10,000 direct and indirect high-skilled jobs, while contributing up to 0.8% of Greece’s GDP annually. It also foresees strong participation from the Greek defense and shipbuilding industry, aiming for up to 70% domestic value added in the programs developed.

The “Project Trident” is expected to transform Elefsina into a regional hub for shipbuilding and defense support for the Eastern Mediterranean, Southeast Europe, and the Black Sea, serving both the Hellenic Navy and allied forces.

U.S. Ambassador: A strategic investment for security and growth

The U.S. Ambassador to Greece, Kimberly Guilfoyle, described the agreement as a strategic initiative beyond a simple business partnership, emphasizing a shared commitment by Greece, the U.S., and South Korea to regional security and prosperity.

She noted that the cooperation could position Greece as a regional industrial hub for naval defense, supporting the Hellenic Navy, the U.S. 6th Fleet, NATO forces, and allied countries in the Mediterranean and Black Sea region.

She added that the program will combine American and Korean technologies with Greek industrial expertise, creating new capabilities for shipbuilding, maintenance, and technical support of naval units.

Greek officials: Elefsina becomes a key defense hub

Deputy Foreign Minister Charis Theocharis called the agreement historically significant, highlighting that it brings together U.S. defense technology, Korean shipbuilding expertise, and Greek industrial capacity.

ONEX CEO Panos Xenokostas said the deal transforms Greece from a defense equipment buyer into a producer of advanced naval capabilities, emphasizing the high domestic value-added target and job creation potential.

South Korean side: Greece as a strategic industrial hub

The South Korean ambassador and Hanwha executives highlighted Greece’s strategic position and its potential to become a major shipbuilding and defense support center in the region, emphasizing technology transfer, investment, and industrial cooperation among the three countries.