A historic Philadelphia shipyard is at the center of a broader push to rebuild American manufacturing and secure the parts industry needs most.

U.S. officials are working with foreign investors to identify weak points in U.S. manufacturing supply chains and help small and medium-sized businesses expand their capacity. This approach is intended to ensure that rising demand can be met with the necessary components amid increasing foreign investment in industry.

Assistant Treasury Secretary Chris Pilkerton and Small Business Administration Administrator Kelly Loeffler said that U.S. President Donald Trump’s tariffs on imports and deregulation are encouraging foreign companies to invest in American manufacturing. At the same time, they said, the benefits of such investment depend on ensuring that components are available domestically.

Hanwha’s Investment in Philadelphia Shipbuilding

Officials visited the historic shipyard in Philadelphia, which Hanwha Ocean and Hanwha Group acquired in December 2024. The deal was reviewed by the Committee on Foreign Investment in the United States, which Pilkerton chairs.

Hanwha Philly Shipyard CEO David Kim said the company plans to invest $5 billion in the facility over the coming years. As a result, the number of jobs at the shipyard could rise from roughly 2,000 to 10,000.

The company has already committed more than $200 million to workforce development, manufacturing capabilities, and shipyard capacity. Building each large vessel requires collaboration with more than 1,000 suppliers, and about two-thirds of them are located in the United States.

The number of U.S. suppliers could increase as the company aims to accelerate production and introduce AI-based shipbuilding technologies already used in South Korea.

Strategic Supplier Search Program

Pilkerton, who served as acting administrator of the Small Business Administration during the final year of Trump’s first presidential term, launched the Strategic Vendor Program. It is intended to strengthen domestic supply chains and support the long-term operations of foreign-invested companies in the United States.

The program is currently operating on a pilot basis, and detailed supplier selection rules have not yet been released.

Pilkerton also spoke about visiting a quantum cooling company in Syracuse, New York, acquired by Finland’s Bluefors. Company executives said they had been unable to find a U.S. manufacturer of dry compressors.

It’s one thing to talk about supply chains at a high level. I think everyone wants that, but you have to find the details.

– Chris Pilkerton

Faster Reviews for Foreign Investors

The Trump administration is also seeking to make reviews of foreign investments by the Committee on Foreign Investment in the United States more transparent and efficient. In July, the Treasury Department launched a new website designed to help companies, investors, and lawyers better understand the committee’s approach to assessing potential acquisitions and investments.

In addition, the Known Investor Program was created for companies that invest regularly. After an initial in-depth review, such investors will be able to complete subsequent procedures more quickly.

Kelly Loeffler noted that in 2025, the Small Business Administration provided manufacturers with approximately $3 billion in financing. Of that amount, $32 million was directed to shipbuilding companies to restore their capacity.

According to her, supporting manufacturing is particularly important after the United States lost approximately 90,000 factories and 5 million industrial jobs over the past four to five decades.