Law firm Dongin is joining with the Korea Marine Equipment Industry Cooperative (KOMEA) to help domestic shipbuilding equipment makers break into the U.S. market for naval maintenance, repair and overhaul (MRO). Dongin has set up a dedicated team to ramp up legal support.
Dongin said on the 20th that it signed a memorandum of understanding with KOMEA at the firm's main conference room in Seoul's Seocho District to support the Korea-U.S. naval MRO industry.
The agreement is designed to address legal and regulatory issues that Korean companies may encounter as they enter the U.S. naval MRO market. The two sides plan to share information on the Korea-U.S. naval MRO industry and market, run seminars and forums, and identify joint projects to build supply chains.
Dongin created the dedicated naval MRO team this month to provide systematic legal support. The team is led by attorney Joo Chang-yeol, attorney Yoon Chan-joo and U.S. attorney Joo Woo-hyuk, who heads the firm's international legal practice. The team will provide legal advice on U.S. naval MRO and shipbuilding matters, as well as legal services needed for overseas business, including setting up local subsidiaries.
"This is significant in that we have built a cooperative framework in which industry and legal experts work together to support small and mid-sized Korean shipbuilding equipment companies entering the U.S. market," attorney Joo Chang-yeol said. "We will actively support these companies so they can run their businesses on stable footing in the United States."