South Korea, Canada discuss stronger space, defence cooperation amid submarine bidding race

Seoul, June 2 (IANS) South Korea and Canada have discussed a deeper partnership in advanced industries, including space and defence, Seoul’s industry ministry said on Tuesday, as the country is making last-minute efforts to win Canada’s submarine 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 cooperation between Korean and Canadian companies.

The event was attended by presidential chief of staff Kang Hoon-sik, currently in Canada as Seoul’s envoy for special economic cooperation, along with Vice Industry Minister Moon Shin-hak, Minister of the Defence Acquisition Program Administration Lee Yong-cheol and some 50 business leaders from the two countries, according to the ministry.

The visit by the high-ranking Korean officials to Canada is widely seen as a move to support Seoul’s bid to win Ottawa’s high-profile submarine procurement project.

Currently, South Korea’s Hanwha Ocean Co.-HD Hyundai Heavy Industries Co. consortium is competing with Germany’s Thyssenkrupp Marine Systems for the estimated 60 trillion-won (US$39.7 billion) deal, with Canada expected to announce the preferred bidder in late June, reports Yonhap news agency.

During the business roundtable, Hanwha proposed ways to deepen space and defence cooperation between South Korea and Canada, while Hyundai Motor Co. unveiled its vision for a hydrogen partnership between the two countries, the ministry said.

Korean and Canadian companies signed three memorandums of understanding for collaboration in space and defence 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.

–IANS

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