Seoul: Hanwha Group announced on Wednesday that it has signed a memorandum of understanding (MOU) with the provincial government of Alberta, Canada, to build a comprehensive economic partnership focused on energy, defense, and shipbuilding. The agreement was signed in Edmonton on Tuesday, local time, as part of efforts to explore mutually beneficial investment opportunities and establish long-term cooperation.

According to Yonhap News Agency, the MOU is linked to Hanwha Ocean Co.'s bid for Canada's Canadian Patrol Submarine Project (CPSP), which is aimed at strengthening local industrial partnerships and economic collaboration. The CPSP, valued at approximately 60 trillion won (US$40.6 billion), involves the potential procurement of up to 12 conventional diesel-electric submarines. Hanwha is currently competing against Germany's Thyssenkrupp Marine Systems for the project.

Key affiliates of Hanwha, including Hanwha Aerospace Co. and Hanwha Power Co., are set to participate in cooperation across the energy, defense, and shipbuilding supply chains. The partnership aims to support Canada's efforts in enhancing its industrial capabilities and building a regional defense ecosystem.

Alberta Premier Danielle Smith highlighted the agreement as a testament to Alberta's competitiveness as a destination for global investment. Lee Jae-kyu, CEO of Hanwha Energy Co., emphasized that the group will leverage its capabilities to deliver tangible outcomes across multiple sectors through this partnership.