S.

Treasury Assistant Secretary Chris Pilkerton and Small Business Administrator Kelly Loeffler are collaborating with foreign investors to strengthen domestic manufacturing supply chains as overseas investment in the United States increases.

Officials noted that President Donald Trump's import tariffs and deregulation efforts are encouraging foreign investment, but sustained growth will require reliable access to domestic suppliers.

The statements were made during a visit to the historic Philadelphia shipyard, which South Korea's Hanwha Ocean and Hanwha Group acquired in December 2024 following a review by the Committee on Foreign Investment in the United States (CFIUS). Key operational details for the facility include:

Financial Investment: Hanwha has committed to investing $5 billion at the shipyard over coming years, having already spent over $200 million on workforce and capacity upgrades. Workforce Growth: Employment at the facility could increase to about 10,000 workers, up from roughly 2,000 currently.

Supplier Base: The shipyard relies on more than 1,000 suppliers per vessel, with approximately two-thirds currently located in the United States. To address component sourcing challenges faced by foreign-backed firms, Pilkerton is launching a pilot Strategic Vendor Program to strengthen domestic supply chains.

The Treasury Department is also working to streamline foreign investment evaluations, having launched a new website in July and a Known Investor Program to expedite CFIUS reviews for repeat investors.

SBA Administrator Kelly Loeffler stated that the SBA delivered approximately $3 billion in funding to manufacturers in 2025, including $32 million specifically for shipbuilders. This effort aims to revitalize an industrial sector that Loeffler noted has lost around 90,000 factories and 5 million manufacturing jobs over the past four to five decades.