*This content was translated by AI.
Hanwha Group has signed a memorandum of understanding (MOU) for strategic investment and cooperation with five local steel, AI and space companies to win orders for Canada's next-generation submarine business.
The signing ceremony of the Korea-Canada Industrial Cooperation Forum and MOU held at the Park Hyatt Hotel in Toronto, Canada on the 26th (Canada local time) was attended by government envoys, including Presidential Chief of Staff Kang Hoon-sik, Minister of Trade, Industry and Energy Kim Jung-kwan, and Defense Acquisition Program Administration Director Lee Yong-cheol.
As the government pushed for a Canadian submarine project as a national strategic export project, it started to provide full support at the pan-governmental level.
Victor Fideli, Ontario's Minister of Economic Development, and Philip Jennings, Deputy Minister of Innovation Science and Economic Development, attended the event in Canada to exchange opinions on economic cooperation in high-tech and strategic industries between the two countries.
Chief of Staff Kang Hoon-sik said in a speech at the forum, "I am very meaningful to visit Canada as a special presidential envoy of the Republic of Korea. Both the Republic of Korea and Canada should expand more future-oriented cooperation, such as AI transformation, securing high-tech industrial competitiveness, clean energy conversion, and strengthening economic security beyond expanding trade and investment."
In addition, Hanwha Ocean Hanwha System has signed MOUs with key companies in five fields, including steel (Hanwha Ocean-Algoma Steel), AI (Hanwha Ocean, Hanhwa System-Cohere), satellite communication (Hanwha System-MDA Space), and electronic optics (Hanwha System-PV Labs).
The MOU was signed while governments and companies from both Korea and Canada discussed industrial cooperation ahead of the bid for the Canadian submarine project. It specifically presented an industrial cooperation model that meets the Canadian government's stance of expanding participation in local industries, trade-offs (ITB), and so-called "Buy Canadian," which the Canadian government values as bidding conditions.
"The cooperation between Hanwha Ocean and Canada will contribute to establishing reliable submarine power for future generations and will have a positive national and industrial effect on South Korea and Canada," said an official from Hanwha Ocean who spoke to the newspaper by phone.
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*This content was translated by AI.
