Seoul: South Korean ministries and defense firms have officially signed a document affirming government support for a significant submarine procurement project with Canada, as announced by officials. This initiative is part of South Korea's effort to secure the Canadian Patrol Submarine Project, which is valued at approximately 60 trillion won (US$41 billion). The project involves supplying up to 12 3,000-ton class naval submarines to Canada, with a proposal deadline set for early March.

According to Yonhap News Agency, the signing involved key government ministries such as the defense, foreign, and industrial ministries, alongside the Navy and defense firms Hanwha Ocean Co. and HD Hyundai Heavy Industries Co. The Defense Acquisition Program Administration (DAPA) reported that the document reinforces South Korea's commitment to support the industrial cooperation projects proposed by Cheong Wa Dae and the relevant ministries. The intent is to responsibly aid in securing the submarine procurement project.

DAPA Minister Lee Yong-cheol emphasized that the project extends beyond submarine capabilities, forming an industrial cooperation package that necessitates government efforts for trust and implementation. A South Korean consortium comprising Hanwha Ocean Co. and HD Hyundai Heavy Industries Co. has been shortlisted as one of the final two contenders, competing against Germany's ThyssenKrupp Marine Systems to replace Canada's aging Victoria-class fleet.

Canada has highlighted that its decision will factor in the economic contribution to its economy, alongside submarine capabilities, delivery speed, and price. In an interview with Yonhap News Agency, Stephen Fuhr, Canada's secretary of state for defense procurement, stated that both South Korean and German companies meet the mandatory requirements for submarine capabilities. The determining factor will be which contender offers the "maximum economic benefit" to Canada.