DefenceIndustry – South Korea Expands Canada Ties Amid Key Submarine Bid
DefenceIndustry – South Korea and Canada have taken another step toward strengthening their economic and industrial relationship, with senior officials and business representatives from both countries meeting in Toronto to explore new opportunities in advanced technology sectors. Discussions focused on expanding cooperation in areas such as defence, space technology, clean energy, and manufacturing, reflecting a shared interest in developing long-term industrial partnerships.
High-Level Delegation Visits Canada
The business roundtable was jointly organized by South Korea’s Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency (KOTRA). The gathering brought together government officials and corporate leaders from both nations to discuss future investment opportunities and collaborative projects.
Among the South Korean delegation were Chief Presidential Secretary Kang Hoon-sik, Vice Industry Minister Moon Shin-hak, Defence Acquisition Program Administration Minister Lee Yong-cheol, and dozens of executives representing major industries. The visit highlighted Seoul’s commitment to expanding economic engagement with Canada through strategic cooperation.
Focus on Major Defence Procurement Project
The timing of the visit has drawn attention as Canada moves closer to selecting a supplier for its planned submarine acquisition program. Industry observers view the presence of senior South Korean officials as part of broader efforts to support the country’s bid for the high-value defence contract.
A consortium formed by Hanwha Ocean and HD Hyundai Heavy Industries is competing against Germany’s Thyssenkrupp Marine Systems for the project, which is estimated to be worth approximately 60 trillion won, or nearly US$40 billion. Canadian authorities are expected to announce their preferred bidder later this month.
Space and Defence Collaboration Discussed
During the Toronto event, representatives from Hanwha presented proposals aimed at expanding cooperation between the two countries in the fields of defence technology and space development. The discussions explored how joint initiatives could contribute to innovation, research, and industrial growth in both markets.
The defence sector has increasingly become an important area of collaboration between Seoul and Ottawa, with both governments seeking ways to strengthen technological capabilities while creating new opportunities for private-sector participation.
Hydrogen and Clean Energy Opportunities
In addition to defence-related discussions, Hyundai Motor outlined its vision for deeper cooperation in hydrogen technology. Company representatives emphasized the potential benefits of combining Canada’s natural resources with South Korea’s expertise in manufacturing and industrial development.
Hydrogen energy is viewed by both countries as a promising sector for future investment, particularly as governments and industries worldwide continue efforts to reduce emissions and develop sustainable energy solutions.
New Agreements Signed
The event also resulted in the signing of three memorandums of understanding between Korean and Canadian companies. The agreements focus on collaboration in the space and defence industries and are expected to encourage joint research, technology sharing, and future commercial partnerships.
Officials described the agreements as an important step toward building stronger industrial links between businesses in the two countries.
Leaders Highlight Complementary Strengths
Speaking at the gathering, Kang Hoon-sik emphasized the advantages of combining Canada’s resource base and technological expertise with South Korea’s globally competitive manufacturing sector. He noted that closer cooperation could position both countries to play a leading role in the development of advanced industries and emerging technologies.
As Canada prepares to make a decision on its submarine procurement program, the growing engagement between Korean and Canadian businesses demonstrates a broader effort to deepen economic ties and create new opportunities across multiple strategic sectors.