Toronto: South Korea and Canada have engaged in discussions aimed at strengthening their partnership in advanced industries, focusing on space and defense. This development comes as South Korea intensifies its efforts to secure Canada's submarine project, according to Seoul's industry ministry.
According to Yonhap News Agency, the Ministry of Trade, Industry and Resources, in collaboration with the Korea Trade-Investment Promotion Agency (KOTRA), organized a business roundtable in Toronto on Monday to foster cooperation between Korean and Canadian companies. The event saw participation from high-ranking officials, including presidential chief of staff Kang Hoon-sik, Vice Industry Minister Moon Shin-hak, and Minister of the Defense Acquisition Program Administration Lee Yong-cheol, along with approximately 50 business leaders from both nations.
The visit by South Korean officials is perceived as a strategic move to support Seoul's bid for Ottawa's significant submarine procurement project. South Korea's Hanwha Ocean Co.-HD Hyundai Heavy Industries Co. consortium is currently competing with Germany's Thyssenkrupp Marine Systems for the estimated 60 trillion-won (US$39.7 billion) contract, with Canada set to announce its preferred bidder in late June.
During the business roundtable, Hanwha presented proposals to enhance space and defense collaboration between South Korea and Canada. Meanwhile, Hyundai Motor Co. shared its vision for a hydrogen partnership between the two countries. The event also witnessed the signing of three memorandums of understanding between Korean and Canadian companies for cooperation in these sectors.
Kang Hoon-sik emphasized the potential of combining Canada's resources and technological strengths with Korea's manufacturing capabilities to lead the global market in advanced industries. In a Facebook post on Tuesday, Kang mentioned his meeting with Canadian Secretary of State for Defense Procurement Stephen Fuhr and Defense Minister David McGuinty, where he highlighted Seoul's readiness to contribute to Canada's security amidst global uncertainties.