On May 29, 2026, Greece, in collaboration with the United States and South Korea, announced the initiation of a significant defense shipbuilding initiative known as Project Trident. This ambitious program centers on a €1.35 billion investment aimed at revitalizing the shipbuilding infrastructure at the port of Elefsina, located in western Attica.

The official unveiling occurred during a ceremony at the U.S. ambassador’s residence in Athens, where a strategic agreement was signed between Greek shipyard operator ONEX and South Korean shipbuilder Hanwha Ocean. The plan includes a comprehensive upgrade of Greece's naval capabilities, designed to support both national and NATO defense objectives.

Project Trident is structured into three key phases. The first phase, with an allocation of €150 million, will focus on expanding ship repair and maintenance facilities through the construction of new dry docks. The second phase, valued at €200 million, aims to enhance port infrastructure and logistics. The most significant portion of the initiative encompasses €1 billion, designated for installing advanced industrial equipment, including automated production lines.

Officials project that this initiative could create up to 10,000 direct and indirect high-skilled jobs and contribute approximately 0.8% to Greece’s annual GDP. The agreement emphasizes a commitment to domestic industrial participation, aiming for up to 70% involvement in future defense and shipbuilding projects.

U.S. Ambassador to Greece Kimberly Guilfoyle emphasized the strategic nature of this partnership, which goes beyond mere commercial considerations and aims to bolster regional security and economic cooperation. Greek Deputy Foreign Minister Haris Theocharis echoed these sentiments, noting the collaboration integrates American defense technology with South Korean shipbuilding expertise and Greek industrial capabilities.

As geopolitical dynamics evolve, the Greek government has intensified efforts to strengthen its defense manufacturing capacity and attract strategic foreign investment. This initiative represents a turning point for Greece's shipbuilding sector, aiming to transform the country from a consumer of defense systems into a producer of advanced naval capabilities, crucial for regional stability amid escalating maritime security challenges in the Mediterranean.

Overall, Project Trident signifies a crucial step in enhancing both Greece’s defense infrastructure and fostering deeper strategic ties among allied nations.