A new trilateral initiative involving Greece, the US, and South Korea aims to transform the western Attica port of Elefsina into a major regional hub for shipbuilding, logistics, and defense manufacturing.
Known as “Project Trident,” the initiative comes as Athens seeks to strengthen its domestic defense industry and deepen strategic industrial partnerships with allied countries.
The plan was unveiled during the signing of a memorandum of understanding between Greek shipyard operator ONEX and South Korean shipbuilding giant Hanwha Ocean at the residence of US Ambassador to Greece Kimberly Guilfoyle in central Athens.
Greece, US, South Korea Back €1.35 Billion Elefsina Investment Plan
At the center of the initiative is a €1.35 billion ($1,5 billion) investment program to upgrade Greece’s shipbuilding infrastructure, expand port and logistics facilities, and develop advanced industrial capabilities that could support naval and defense programs for Greece and allied countries.
According to a presentation made on Friday, the project will unfold in three phases.
The first phase, valued at €150 million ($174 million), will expand ship repair and maintenance capacity through new dry docks and large-scale support facilities.
The second phase, worth €200 million ($233 million), will upgrade port infrastructure and logistics operations.
The largest phase, estimated at €1 billion ($1,16 billion), will introduce advanced industrial equipment, automated production lines, and specialized infrastructure that could support submarine-related programs.
Project Trident could create up to 10,000 jobs
According to projections presented during the event, Project Trident could generate up to 10,000 direct and indirect high-skilled jobs over the coming years.
Organizers also said the initiative could contribute an estimated 0.8 percent of Greece’s annual GDP. They also set a goal for domestic industrial participation to reach as much as 70 percent in future defense and shipbuilding programs.
The initiative forms part of a broader effort to reposition Greece as a strategic industrial and maritime hub in the eastern Mediterranean.
Elefsina Project strengthens Greece, US, South Korea defense ties
Officials said the project could strengthen support capabilities not only for the Hellenic Navy but also for NATO and allied naval forces operating in the eastern Mediterranean and Black Sea regions, including the US Sixth Fleet.
Guilfoyle described the agreement as a strategic partnership that extends beyond a commercial investment. She said it reflects a broader commitment by Greece, the United States, and South Korea to regional security and economic cooperation.
Greek Deputy Foreign Minister Haris Theocharis said the agreement combines American defense technology, Korean shipbuilding expertise, and Greek industrial capacity to create a new strategic industrial hub in the eastern Mediterranean.
Hanwha Ocean sees regional expansion
South Korean Ambassador to Greece Ju-seong Lim said Greece’s geographic position gives it the potential to emerge as an important maritime and defense industrial hub.
Hanwha Ocean executive Sean Seongwoo Park said the partnership could help modernize Greek shipyards and expand industrial cooperation across the wider region.
The agreement places Elefsina at the center of a wider industrial strategy linking shipbuilding, defense production, port infrastructure, and allied security priorities as Greece seeks a larger role in regional defense supply chains.
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