South Korea pushes Canada's submarine bid in high-level talks

South Korea and Canada have discussed deeper cooperation in advanced industries, including space and defense, Seoul’s industry ministry said Tuesday, as the country steps up last-minute efforts to secure Canada’s submarine procurement 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 collaboration between Korean and Canadian companies, News.Az reports, citing Yonhap.

The event was attended by presidential chief of staff Kang Hoon-sik, who is 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 around 50 business leaders from both countries, according to the ministry.

The visit by senior Korean officials to Canada is widely viewed as part of Seoul’s effort to support its bid for Ottawa’s high-profile submarine procurement project.

South Korea’s Hanwha Ocean Co.–HD Hyundai Heavy Industries Co. consortium is competing against Germany’s Thyssenkrupp Marine Systems for the estimated 60 trillion-won (US$39.7 billion) contract. Canada is expected to announce its 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.

News.Az 

By Nijat Babayev