South Korea, Canada Discuss Deeper Partnership in Advanced Industries
Quick Look
- South Korea and Canada explored enhanced cooperation in advanced sectors like space and defense during a business roundtable in Toronto.
- The visit by high-ranking Korean officials aims to support Seoul's bid for Canada's submarine project, with a decision expected in late June.
AI-generated summary
Why It Matters
South Korea is actively seeking to secure Canada's submarine procurement project, a deal estimated at US$39.7 billion. This effort involves high-level diplomatic engagement and business promotion.
SEOUL, June 2 (Yonhap) -- South Korea and Canada have discussed deeper partnership in advanced industries, including space and defense, Seoul's industry ministry said Tuesday, as the country is making last-minute efforts to win Canada's submarine project.
The Ministry of Trade, Industry and Resources and the Korea Trade-Investment Promotion Agency (KOTRA) jointly hosted a business roundtable in Toronto on Monday (local time) to promote cooperation between Korean and Canadian companies.
The event was attended by presidential chief of staff Kang Hoon-sik, currently in Canada as Seoul's envoy for special economic cooperation, along with Vice Industry Minister Moon Shin-hak, Minister of the Defense Acquisition Program Administration Lee Yong-cheol and some 50 business leaders from the two countries, according to the ministry.
The visit by the high-ranking Korean officials to Canada is widely seen as a move to support Seoul's bid to win Ottawa's high-profile submarine procurement project.
Currently, South Korea's Hanwha Ocean Co.-HD Hyundai Heavy Industries Co. consortium is competing with Germany's Thyssenkrupp Marine Systems for the estimated 60 trillion-won (US$39.7 billion) deal, with Canada expected to announce the preferred bidder in late June.
During the business roundtable, Hanwha proposed ways to deepen space and defense cooperation between South Korea and Canada, while Hyundai Motor Co. unveiled its vision for hydrogen partnership between the two countries, the ministry said.
Korean and Canadian companies signed three memorandums of understanding for collaboration in space and defense sectors marking the event, it added.
"If Canada's abundant resources and advanced technological capabilities are combined with Korea's world-class manufacturing capacity, the two countries will be able to lead the global market in advanced industries," Kang was quoted as saying.
On Tuesday, the presidential chief of staff wrote on his Facebook account that he held a meeting on Monday (local time) with Canadian Secretary of State for Defense Procurement Stephen Fuhr and Defense Minister David McGuinty.
In the meeting, Kang stressed Seoul's "willingness and capacity" to proactively contribute to Canada's security amid growing security uncertainties stemming from the conflict in the Middle East and other issues, he wrote.
What to Watch
AI outlook — possibilities, not facts
Canada will announce its preferred bidder for the submarine project.
Very likely · Within weeks
Open Questions
- Which company will be selected as the preferred bidder for Canada's submarine project?
- What specific defense and space technologies will be prioritized for cooperation?
- What are the detailed terms of the three MOUs signed between Korean and Canadian companies?
- How will the proposed hydrogen partnership between Hyundai Motor and Canadian entities be structured?
