A new trilateral initiative involving Greece, the United States and South Korea aims to transform the west Attica port of Elefsina into a major regional shipbuilding, logistics and defense manufacturing hub, as Athens accelerates efforts to significantly boost its domestic defense industry and deepen strategic industrial partnerships with allied countries.
The initiative, billed as “Project Trident,” was unveiled during the high-profile signing of a strategic agreement between shipyard operator ONEX and South Korean shipbuilder Hanwha Ocean at the US ambassador’s residence in central Athens.
At the center of the plan is a 1.35-billion-euro investment program focused on upgrading Greece’s shipbuilding infrastructure, expanding port and logistics facilities and developing advanced industrial capabilities capable of supporting naval and defense programs for Greece and allied countries.
The project, according to a presentation on Friday, is structured in three phases.
The first phase, valued at 150 million euros, focuses on expanding ship repair and maintenance capabilities through new dry docks and large-scale support facilities. A second phase worth 200 million euros includes upgrades to port infrastructure and logistics operations. The largest phase, estimated at one billion euros, foresees the installation of advanced industrial equipment, automated production lines and specialized infrastructure potentially capable of supporting submarine-related programs.
According to projections presented during the event, the initiative could generate up to 10,000 direct and indirect high-skilled jobs over the coming years, while contributing an estimated 0.8% of Greece’s annual GDP. Organizers also said they aim for domestic industrial participation reaching as much as 70% in future defense and shipbuilding programs.
Guilfoyle
US Ambassador to Greece Kimberly Guilfoyle described the agreement as a strategic partnership extending beyond a commercial investment, saying it reflected a broader commitment by Greece, the United States and South Korea to regional security and economic cooperation.
Officials said the initiative 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.
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.
ONEX Chairman and Chief Executive Panos Xenokostas said the project marks a turning point for Greece’s shipbuilding industry, arguing that the country could evolve from a purchaser of defense systems into a producer and long-term support hub for advanced naval capabilities.
On his part, South Korean Ambassador to Greece Ju-seong Lim said Greece’s geographic position gave it the potential to emerge as an important maritime and defense industrial hub, while Hanwha Ocean executive Sean Seongwoo Park said the partnership could help modernize Greek shipyards and expand industrial cooperation across the region.
The announcement comes as the Mitsotakis government has intensified efforts in recent months to rebuild domestic defense manufacturing capacity, attract strategic foreign investment and increase local industrial participation in major procurement programs.
Athens has increasingly linked defense production with broader geopolitical and economic strategy, particularly amid rising regional instability, growing NATO operational demands and heightened competition over maritime security and energy corridors in the eastern Mediterranean.
