The creation of a new shipbuilding, industrial, and defense ecosystem centered on Elefsina, through strategic cooperation between Greece, the United States, and South Korea, is marked by the“Project Trident”agreement, which was presented during the signing ceremony between ONEX and Hanwha Ocean at the U.S. Ambassador’s residence in Athens.
At the heart of the plan is an investment program totaling 1.35 billion euros, which provides for the upgrading and expansion of the country’s shipbuilding capabilities, the development of new port and logistics infrastructure, and the creation of modern industrial facilities capable of supporting international naval and defense programs.
The plan is being implemented in three phases. The first, worth 150 million euros, focuses on strengthening ship maintenance and repair capabilities through new facilities and large-scale dry docks.
The second phase, worth €200 million, includes upgrading port infrastructure and creating modern logistics and supply chain facilities. The third and largest phase, worth €1 billion, calls for the installation of advanced industrial equipment, automated production lines, and specialized infrastructure capable of supporting even submarine construction and maintenance programs.
According to the projections presented, the project is expected to create up to 10,000 direct and indirect highly skilled jobs, while its contribution to the Greek economy is estimated to reach 0.8% of GDP on an annual basis. At the same time, the plan calls for strong participation by the Greek defense and shipbuilding industries, with a target of up to 70% domestic value added in the programs to be developed.
As mentioned, Project Trident aims to transform Elefsina into a regional center for shipbuilding and defense support for the Eastern Mediterranean, Southeast Europe, and the Black Sea, serving the needs of both the Navy and allied forces.
Kimberly Gilfoyle: A Strategic Investment in Security and Development
The U.S. Ambassador to Greece, Kimberly Gilfoyle, described the agreement as a strategic initiative that goes beyond the scope of a business partnership, highlighting a shared commitment by Greece, the U.S., and South Korea to the security and prosperity of the broader region.
As he noted, the trilateral cooperation can help establish Greece as a regional industrial hub for maritime defense, supporting the Hellenic Navy, the U.S. 6th Fleet, NATO forces, and allied countries in the Mediterranean and Black Sea regions.
She emphasized that the program will combine American and Korean technologies with the expertise of Greek industry, creating new opportunities for the construction, maintenance, and technical support of naval vessels.
H. Theocharis: Elefsina Takes on a Key Role in the New Defense Landscape
For his part, Deputy Foreign Minister Haris Theocharis described the agreement as historic for Greece and international defense cooperation.
As he noted, the partnership brings together American defense technology, Korean shipbuilding expertise, and the capabilities of Greek industry, creating the conditions for the development of a strong center for shipbuilding and defense support in the Eastern Mediterranean.
Mr. Theocharis emphasized that Elefsina can play a decisive role in supporting complex naval programs, while the agreement also creates new employment opportunities and facilitates the transfer of know-how to the Greek economy.
P. Xenokostas: Greece is becoming a producer of defense capabilities
ONEX Chairman and CEO Panos Xenokostas spoke of an agreement that is a game-changer for the country’s shipbuilding industry.
As he noted, the partnership with Hanwha and the support of the United States are creating the conditions for Greece to evolve into a central shipbuilding and industrial hub for the Mediterranean and Southeast Europe.
Mr. Xenokostas presented the investment program in detail across three phases totaling 1.35 billion euros, noting that the goal is the complete transformation of the ONEX shipbuilding center into a vertically integrated facility for the construction, maintenance, and support for naval vessels.
At the same time, he emphasized that the Greek defense industry’s participation in the new programs will be particularly high, with a target of 70% domestic added value, while he estimated that the investment will create 10,000 direct and indirect jobs over the next five to seven years.
As he noted, Greece can now transition from the role of a purchaser of defense systems to that of a producer and supporter of advanced naval and defense capabilities.
Ju-seong Lim: Greece can evolve into a powerful shipbuilding and defense hub
The Ambassador of the Republic of Korea to Greece, Ju-seong Lim, described the agreement as an important step toward further strengthening cooperation between South Korea, Greece, and the United States in the fields of shipbuilding, defense, and technology.
As he noted, Greece occupies a strategic position in the Eastern Mediterranean and can play a significant role in the development of a modern shipbuilding and defense ecosystem, centered on the Elefsina shipyards. At the same time, he noted that the initiative creates new prospects for investment, technology transfer, and industrial cooperation among the three countries.
Sean Seongwoo Park: Cooperation can strengthen Greece’s shipbuilding and defense industries
The importance of cooperation between South Korea, Greece, and the United States for the development of the shipbuilding and defense industries was highlighted by Hanwha’s Senior Vice President of the Naval Ship International Business Division, Sean Seongwoo Park, speaking about an initiative that could create new prospects for industrial development and technological cooperation.
As he noted, Hanwha has significant experience in the shipbuilding and defense sectors and believes that cooperation with ONEX can contribute to the modernization of the Greek shipbuilding industry and the development of new capabilities to support naval programs.
At the same time, he noted that the initiative strengthens ties between Korea, Greece, and the United States, creating conditions for new investments, the transfer of know-how, and the further development of industrial cooperation in the broader Eastern Mediterranean region.