South Korea and Canada have engaged in discussions to enhance their collaboration in advanced industries, particularly in space and defense sectors. The Ministry of Trade, Industry, and Resources and the Korea Trade-Investment Promotion Agency (KOTRA) organized a business roundtable in Toronto to foster cooperation between companies from both countries. Notable attendees included high-ranking Korean officials and around 50 business leaders from South Korea and Canada.
The purpose of the visit by Korean officials to Canada is perceived as a strategic move to bolster South Korea’s bid for Canada’s significant submarine procurement project. Currently, South Korea’s Hanwha Ocean Co.-HD Hyundai Heavy Industries Co. consortium is in competition with Germany’s Thyssenkrupp Marine Systems for the lucrative deal, with Canada expected to announce the preferred bidder by late June.
At the business roundtable, Hanwha presented proposals to strengthen space and defense collaboration between South Korea and Canada, while Hyundai Motor Co. outlined its vision for a hydrogen partnership between the two nations. Additionally, Korean and Canadian companies signed three memorandums of understanding to enhance cooperation in the space and defense sectors.
Presidential chief of staff Kang Hoon-sik emphasized the potential of combining Canada’s abundant resources and advanced technological capabilities with Korea’s exceptional manufacturing capacity to lead the global market in advanced industries.
