Toronto: South Korea and Canada have engaged in discussions to strengthen their partnership in advanced industries, focusing on space and defense sectors. This initiative, announced by Seoul's industry ministry, coincides with South Korea's efforts to secure Canada's submarine procurement project.
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 to foster cooperation between Korean and Canadian enterprises. The event, held on Monday, featured the presence of key figures such as presidential chief of staff Kang Hoon-sik, who is in Canada as Seoul's envoy for special economic cooperation, Vice Industry Minister Moon Shin-hak, Minister of the Defense Acquisition Program Administration Lee Yong-cheol, and approximately 50 business leaders from both nations.
The visit of these high-ranking Korean officials to Canada is perceived as a strategic move to bolster Seoul's chances in the competition for Ottawa's significant submarine procurement project. South Korea's consortium, comprising Hanwha Ocean Co. and HD Hyundai Heavy Industries Co., is in contention with Germany's Thyssenkrupp Marine Systems for the project, valued at an estimated 60 trillion won (US$39.7 billion). Canada is anticipated to declare the preferred bidder by late June.
During the business roundtable, Hanwha proposed avenues for enhancing space and defense collaboration between South Korea and Canada. Additionally, Hyundai Motor Co. shared its vision for a hydrogen partnership between the two countries. The ministry also revealed that three memorandums of understanding were signed between Korean and Canadian companies, focusing on collaboration in the space and defense sectors.
Kang Hoon-sik emphasized the potential synergy between Canada's abundant resources and advanced technological capabilities and Korea's world-class manufacturing capacity. He expressed confidence that this combination would enable the two countries to lead the global market in advanced industries.