Industry minister heads to Canada, U.S. for submarine, investment talks

SEOUL, May 5 (Yonhap) -- Industry Minister Kim Jung-kwan left for Canada on Tuesday in the latest push to help a South Korean consortium win an estimated 60 trillion-won (US$40.6 billion) project to build as many as 12 new conventionally powered submarines.

Kim is scheduled to meet his Canadian counterpart, Melanie Joly, and Canada's Minister of Energy and Natural Resources Tim Hodgson in Ottawa to discuss the submarine project and seek their support for the South Korean consortium's bid, according to the ministry.

Kim previously visited Canada in January and March to support the bid.

The South Korean consortium, comprising Hanwha Ocean Co. and HD Hyundai Heavy Industries Co., is vying against Germany's Thyssenkrupp Marine Systems, with a final contractor expected to be chosen in June.

Kim will then fly to Washington on Wednesday to meet U.S. Commerce Secretary Howard Lutnick and other government officials to discuss South Korean investment projects in the United States.

In March, the National Assembly passed a special bill on Seoul's $350 billion investment pledge to the U.S., under which South Korea will set up a new state-run corporation to implement the investment package.

Seoul made the investment commitment under a trade deal last year in return for Washington lowering its "reciprocal" tariffs on South Korea.