Industry Minister Kim Jung-kwan, left, shakes hand with Canada's Minister of Industry Melanie Joly during a meeting in Ottawa, Canada, May 7.
Courtesy of Ministry of Trade, Industry and Resources Industry Minister Kim Jung-kwan signaled confidence in the competitiveness of Korea’s submarine proposal for Canada’s multibillion-dollar fleet renewal project.
However, he cautioned that rising geopolitical pressures and Ottawa’s emphasis on NATO interoperability could cloud the final decision, with Germany as the other contender.
Hanwha Ocean is competing with Germany's TKMS for the $39 billion project to replace the Royal Canadian Navy’s aging fleet of four Victoria-class submarines with 12 new 3,000-ton diesel-electric vessels, with the contract also covering long-term maintenance, repair and overhaul (MRO) services.
The project is seen as a pivotal opportunity for Korea’s shipbuilding sector and a gateway to expanding its defense footprint in North America.
