Japan and the U.S. have signed a memorandum of understanding to cooperate on expanding American shipbuilding capacity, Nikkei Asia reported on Wednesday.

The agreement, signed by Yasushi Kaneko, Japan's transport minister, and U.S. Commerce Secretary Howard Lutnick, aims to promote strategic investment and modernization of U.S. shipyards, said the publication.

The partnership will focus on innovation through technologies like artificial intelligence and robotics, in addition to workforce training, the report said.

The move addresses shared concerns over China's growing influence in this economically strategic field, Nikkei noted.

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