Senior government and business officials from Korea and Canada gathered in Ottawa on Tuesday, agreeing to use the Invest in Canada initiative to expand long-term, industry-led cooperation across manufacturing, energy and advanced industrial sectors.
Hosted by the country’s investment promotion agency Invest in Canada, the meeting brought together Korea’s Industry Minister Kim Jung-kwan and Canada’s International Trade Minister Maninder Sidhu, along with chief executives from Hyundai Motor Group, Hanwha Group, Korea Zinc and the Federation of Korean Industries.
The Ottawa meeting followed industry forums in Toronto on Monday, where Korean and Canadian companies signed six memorandums of understanding spanning manufacturing, energy and space technologies, ahead of the final competition for Canada’s patrol submarine project.
Valued at up to 60 trillion won ($42 billion), the project aims to introduce up to 12 new 3,000 ton diesel-powered submarines. A consortium led by Hanwha and HD Hyundai is bidding for the project, competing against Germany’s ThyssenKrupp.
According to Hanwha, the meeting focused on deepening industrial ties beyond transactional trade, with highlights on advanced manufacturing, clean energy, mobility and defense industries.
Participants noted that Canada’s Patrol Submarine Project could become an anchor for Korea’s broader investment in Canada, extending into manufacturing, materials, maintenance and digital systems, Hanwha said.
Canadian officials highlighted the country’s skilled workforce, access to critical minerals and efforts to attract strategic investment, while Korea reaffirmed its interest in acting as a long-term industrial partner, particularly in electric and hydrogen mobility, artificial intelligence and clean energy.
Both sides said their complementary strengths will deepen industrial cooperation under the Invest in Canada initiative.
andreahaneu@heraldcorp.com
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