An ambitious project that aspires to change the map of the shipbuilding and defense industry in the Eastern Mediterranean was presented in Athens. It is “Project Trident” , a strategic collaboration between Greece, the United States and South Korea that places Eleusis at its center.
The agreement was presented during the signing ceremony of the strategic alliance between ONEX and the Korean Hanwha Ocean , which took place at the US embassy residence, giving the venture a clear geopolitical character beyond its purely business dimension.
At the core of the plan is an investment program totaling 1.35 billion euros . The amount is intended for the upgrade and expansion of the country’s shipbuilding capabilities , the development of new port and logistics infrastructure and the creation of modern industrial facilities capable of supporting international naval and defense programs. Beyond the infrastructure, the program aspires to integrate cutting-edge American and Korean technologies for the construction of frigates, corvettes and submarines in Greece, along with maintenance and repair capabilities of international standards. In terms of economic footprint, the estimate speaks of up to 10,000 direct and indirect highly specialized jobs and an annual contribution that could approach 0.8% to 1% of GDP .
The project is structured in three distinct phases of increasing size. The first phase , worth €150 million , focuses on strengthening ship maintenance and repair capabilities through new facilities and large-scale tanks . The second phase , worth €200 million , focuses on upgrading port infrastructure and creating modern logistics and supply chain facilities, so that Eleusis can handle a significantly larger volume of naval and defense activities. The third and largest phase , worth €1 billion , foresees the installation of advanced industrial equipment, automated production lines and specialized infrastructure that will even be able to support shipbuilding and submarine support programs.
A defining element of the design is the emphasis on the participation of domestic industry. The design foresees a strong participation of the Greek defense and shipbuilding industry , aiming for a domestic added value of up to 70% in the programs to be developed. This is a parameter that, if achieved, shifts the emphasis from the simple “import” of technology to the substantial transfer of know-how and the development of a domestic industrial base. In the same context, Project Trident aspires to transform Eleusis into a regional center of shipbuilding and defense support for the Eastern Mediterranean, Southeastern Europe and the Black Sea , serving both the needs of the Navy and allied forces.
The strategic importance of the initiative was highlighted by the US Ambassador to Greece, Kimberly Guilfoyle , who described the agreement as something that goes beyond the limits of a simple business partnership, speaking of a shared commitment of the three countries to the security and prosperity of the wider region. As she said, the trilateral cooperation can elevate Greece to a regional naval defense industrial center , supporting the Navy, the US 6th Fleet , NATO forces and allied countries in the Mediterranean and the Black Sea. “This is a strategic investment in action, which strengthens our collective defense and deepens our economic ties, ensuring the security of our nation,” she underlined, emphasizing that the program will combine American and Korean technologies with the know-how of Greek industry.
On the Greek government side, Deputy Foreign Minister Haris Theocharis described the agreement as of historic importance for Greece and international defense cooperation. As he noted, the partnership brings together American defense technology , Korean shipbuilding know-how and the capabilities of Greek industry, creating the conditions for the development of a strong shipbuilding and defense support center in the Eastern Mediterranean. Mr. Theocharis emphasized that Eleusis can play a decisive role in supporting complex naval programs, while at the same time the agreement creates new employment opportunities and transfer of know-how to the Greek economy.
ONEX President and CEO Panos Xenokostas spoke about a game-changing deal for the country’s shipbuilding industry. Presenting the three-level investment program in detail, he noted that the goal is to completely transform ONEX’s shipbuilding center into a vertically integrated facility for the construction, maintenance and support of naval units. He estimated that the investment will create 10,000 jobs over the next five to seven years , while he outlined the main strategic goal of the venture: Greece can now move from the role of a buyer of defense systems to that of a producer and supporter of advanced naval and defense capabilities.
The importance of the trilateral cooperation was also highlighted by the Korean side. The Ambassador of the Republic of Korea to Greece, Ju-seong Lim , described the agreement as an important step towards strengthening cooperation in the fields of shipbuilding, defense and technology, underlining Greece’s strategic position in the Eastern Mediterranean. Accordingly, the Senior Vice President of Hanwha’s Naval Ship International Business, Sean Seongwoo Park , noted that the group has significant experience in shipbuilding and defense and that the cooperation with ONEX can contribute to the modernization of the Greek shipbuilding industry and the development of new capabilities to support naval programs, while strengthening ties between the three countries.
Overall, Project Trident has the characteristics of an initiative that goes beyond the purely economic sphere and touches on the country’s strategic autonomy in the defense sector. If the targets for jobs, the percentage of domestic value added and the contribution to GDP are confirmed in practice, Eleusis can emerge as a hub that simultaneously serves national, NATO and allied needs, in a region of increasing geopolitical importance.
