Key facts
- U.S. officials are collaborating with foreign investors to identify and fill gaps in domestic manufacturing supply chains.
- The initiative aims to help small and medium-sized businesses scale up to meet rising demand.
- Hanwha Group has pledged to invest $5 billion in a Philadelphia shipyard it acquired, potentially creating 8,000 new jobs.
- A new 'Strategic Vendor Program' is being piloted to strengthen domestic supply chains.
- The Treasury has launched a new website to improve transparency and understanding of CFIUS foreign investment reviews.
U.S. officials are actively working with foreign investors to address critical gaps within the nation's manufacturing supply chains, aiming to bolster domestic production and support the growth of small and medium-sized businesses. This effort is seen as vital to capitalizing on a surge in foreign investment, which officials attribute in part to President Donald Trump's trade policies and deregulation.
Assistant Secretary of the Treasury Chris Pilkerton, who also leads the Committee on Foreign Investment in the U.S. (CFIUS), and Small Business Administrator Kelly Loeffler highlighted these initiatives during a visit to a Philadelphia shipyard. The shipyard was acquired by South Korean firms Hanwha Ocean and Hanwha Group in December 2024, following a CFIUS review.
David Kim, CEO of Hanwha Philly Shipyard, stated that the company plans to invest $5 billion in the facility over the coming years, potentially expanding its workforce from 2,000 to 10,000 employees. The company has already invested over $200 million in upgrades. Kim noted that Hanwha relies on more than 1,000 suppliers for each ship, with approximately two-thirds currently based in the U.S., a number expected to grow as the shipyard accelerates production and adopts AI-based shipbuilding technologies.
Pilkerton discussed the new 'Strategic Vendor Program,' currently in a pilot phase, designed to strengthen domestic supply chains and support foreign-invested businesses. He shared an example of a Finnish company, Bluefors, which acquired a quantum refrigeration firm in Syracuse, New York, and faced difficulties finding a domestic supplier for dry compressors.
To streamline the process, Pilkerton mentioned efforts to make CFIUS reviews more transparent and efficient. The Treasury has introduced a new website to guide companies through the evaluation process, and a 'Known Investor Program' aims to expedite reviews for frequent investors. Loeffler added that the SBA provided approximately $3 billion in funding for manufacturers in 2025, with $32 million allocated to shipbuilders, to help rebuild capacity lost over recent decades.