A major trilateral investment initiative involving Greece, the United States and South Korea is set to reshape the country’s industrial and defense landscape, following the unveiling of “Project Trident” — a €1.35 billion strategic development plan centered on the Elefsina Shipyards near Athens.
The project was formally presented during the signing ceremony of a strategic partnership agreement between Greek shipbuilding group ONEX and South Korean defense and shipbuilding giant Hanwha Ocean at the official residence of the US Ambassador in Athens.
Beyond its industrial scope, the initiative reflects a broader geopolitical alignment among the three nations, strengthening cooperation in maritime security, defense manufacturing, logistics and critical infrastructure across the Eastern Mediterranean.
A Three-Phase Investment Strategy
Project Trident will be implemented through three major development phases designed to expand Greece’s shipbuilding and naval support capabilities.
The first phase, valued at €150 million, focuses on expanding ship repair and maintenance operations through the construction of new facilities and large-scale dry docks capable of servicing both commercial and military vessels.
The second phase, worth €200 million, includes extensive upgrades to port infrastructure, logistics facilities and supply chain networks aimed at establishing Elefsina as a major maritime services hub.
The third and largest phase, involving €1 billion in investments, will introduce advanced manufacturing equipment, automated production systems and specialized infrastructure capable of supporting sophisticated naval construction programs, including submarine-related projects.
Economic Impact: 10,000 Jobs and Significant GDP Contribution
According to projections presented during the event, the initiative could generate up to 10,000 direct and indirect jobs over the next five to seven years, primarily in high-skilled industrial, engineering and technology sectors.
The project’s contribution to the Greek economy is expected to reach approximately 0.8% of annual GDP, positioning it among the country’s most significant industrial investments in recent decades.
Developers also emphasized a strong domestic participation target, aiming for as much as 70% local value-added content in future defense and shipbuilding programs.
Elefsina Positioned as a Regional Defense and Maritime Hub
At the heart of the initiative is the ambition to transform Elefsina into a strategic shipbuilding and naval support center serving the Eastern Mediterranean, Southeastern Europe and the Black Sea region.
Project stakeholders envision facilities capable of supporting the operational needs of the Hellenic Navy, NATO forces, the US Sixth Fleet and allied maritime partners operating across the broader region.
As geopolitical competition intensifies and global supply chains become increasingly critical to national security, Greece’s geographic position is viewed as a significant strategic advantage.
US Ambassador: “An Investment in Security and Prosperity”
US Ambassador to Greece Kimberly Guilfoyle described the agreement as far more than a commercial partnership.
“This initiative represents a shared commitment by the United States, Greece and South Korea to strengthen regional security, economic growth and long-term prosperity,” she said.
According to Guilfoyle, the project combines American technological capabilities, South Korean shipbuilding expertise and Greek industrial know-how to create a unique maritime and defense ecosystem.
Greek Government Sees Strategic Opportunity
Deputy Foreign Minister Haris Theocharis characterized the agreement as a milestone for Greece’s international defense and industrial cooperation strategy.
He noted that the partnership creates favorable conditions for technology transfer, workforce development and industrial modernization while reinforcing Greece’s role as a key security actor in the Eastern Mediterranean.
“The convergence of American defense technology, Korean shipbuilding excellence and Greek industrial capacity creates a powerful platform for future growth,” Theocharis stated.
ONEX: Greece Can Become a Producer, Not Just a Buyer
ONEX Chairman and CEO Panos Xenokostas described the project as a transformational moment for the country’s industrial future.
He argued that Greece now has an opportunity to move beyond its traditional role as a purchaser of defense systems and emerge as a producer, maintainer and exporter of advanced naval capabilities.
“Our goal is to create a vertically integrated shipbuilding and defense ecosystem capable of supporting complex maritime programs for decades to come,” Xenokostas said.
South Korea Strengthens Its Mediterranean Footprint
Hanwha Ocean executives highlighted the strategic importance of the partnership, emphasizing the company’s extensive experience in naval shipbuilding and defense manufacturing.
Sean Seongwoo Park, Senior Vice President for Naval Ship International Business at Hanwha Ocean, stated that the collaboration could significantly enhance Greece’s shipbuilding capabilities while opening new avenues for technology transfer and industrial cooperation.
South Korean Ambassador Ju-seong Lim also described the agreement as a landmark step in expanding trilateral cooperation between Seoul, Athens and Washington in shipbuilding, defense and advanced technologies.
A New Geopolitical and Industrial Triangle
Analysts view Project Trident as more than a shipyard modernization effort. It represents the emergence of a new strategic industrial triangle linking Greece, the United States and South Korea at a time when maritime security, defense production and resilient supply chains have become central pillars of global power competition.
If implemented as planned, the initiative could establish Greece as one of the most important naval-industrial hubs in the Eastern Mediterranean and a critical partner in future allied maritime operations.