A model of the KSS-III Submarine from South Korean company Hanwha Ocean is on display at the Defense and Security 2023 exhibition, a Tri-Service defense and internal security showcase, at IMPACT Muang Thong Thani in Nonthaburi province, Thailand. Photo by NARONG SANGNAK / EPA
June 24 (Asia Today) -- Economic benefits are emerging as a potential deciding factor in Canada's competition to acquire a new submarine fleet, with South Korea promoting a broad industrial cooperation package to counter a larger economic-impact proposal from Germany.
Canada is preparing to select a preferred bidder for the Canadian Patrol Submarine Project, a program worth as much as 60 trillion won ($39.2 billion).
German shipbuilder TKMS and South Korea's Hanwha Ocean are the two qualified suppliers remaining in the competition.
Canadian Secretary of State for Defense Procurement Stephen Fuhr said this week that both proposals meet the Royal Canadian Navy's requirements, according to industry officials.
