Seoul: President Lee Jae Myung expressed disappointment Tuesday over Canada's decision to select a German company over a South Korean consortium for a major submarine procurement project but emphasized that the bid demonstrated South Korea's capabilities.
According to Yonhap News Agency, President Lee shared his thoughts on Facebook shortly after Canadian Prime Minister Mark Carney announced that Germany's Thyssenkrupp Marine Systems was chosen for the procurement program, valued at up to 60 trillion won (US$39.1 billion). The decision favored Thyssenkrupp over the South Korean consortium led by Hanwha Ocean Co. and HD Hyundai Heavy Industries Co.
President Lee remarked, "Our submarines have proven their excellent performance and technology through square competition with the world's submarine powers." He acknowledged the setback but expressed confidence that South Korea's potential was evident to the international community, despite not securing the Canadian submarine project.
Lee assured that the government would continue to support the development of the country's submarine capabilities. He pledged to enhance research and development, offer export assistance, and strengthen international cooperation to ensure South Korea's submarines contribute to global peace and safety.
Highlighting the importance of perseverance, Lee stated, "What is important is that we do not stop and keep going." He expressed optimism that the experience would lay a valuable foundation for advancing South Korea's technology and competitiveness in the future.
The foreign ministry echoed Lee's sentiments, expressing respect for Canada's decision and reaffirming the commitment to strengthening cooperation with Canada in defense and other sectors. Deputy spokesperson Lee Moon-bae noted, "The bidding process showcased the outstanding performance and technological prowess of our submarines," and highlighted the positive feedback from Canada and industry stakeholders on the proposed industrial cooperation package.
The ministry underscored its dedication to supporting the global expansion of South Korea's defense industry and pursuing mutually beneficial partnerships with Canada in defense, the arms industry, energy, and critical minerals.