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South Korea Steps Up Canada Submarine Bid With MOUs, Intel-Sharing Pact

Domestic industrial benefits are a decisive factor in Canada's choice, elevating Korean investment pledges.

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Kang Hoon-sik (L), the presidential chief of staff who also serves as a special envoy for strategic cooperation, speaks ahead of his departure for Canada at Incheon International Airport, west of Seoul, on Jan. 26, 2025, along with Industry Minister Kim Jung-kwan. (Yonhap)
Kang Hoon-sik (C), the presidential chief of staff who also serves as a special envoy for strategic cooperation, speaks ahead of his departure for Canada at Incheon International Airport, west of Seoul, on Jan. 26, 2026, along with Industry Minister Kim Jung-kwan (R) and Minister of Defense Acquisition Program Administration Lee Yong-cheol (L). (Yonhap)

Overview

  • Seoul dispatched a high-level delegation led by presidential chief of staff Kang Hoon-sik, with industry and defense officials joined by executives from Hanwha, HD Hyundai and Hyundai Motor Group.
  • Hanwha announced MOUs in Toronto with Algoma Steel, Telesat, MDA Space, Cohere and PV Labs designed to localize supply chains and meet Canada’s Industrial and Technological Benefits policy.
  • Algoma Steel and Hanwha Ocean signed a binding MOU with an aggregate potential value of up to USD $250 million, including support for a proposed beam mill in Sault Ste. Marie and anticipated steel procurement tied to the submarine program, contingent on Hanwha winning the contract.
  • South Korea’s Cabinet approved a military intelligence‑sharing pact with Canada to enable easier exchange of classified information and support closer cooperation in defense procurement and industry.
  • Canada has shortlisted Hanwha/HD Hyundai and Germany’s TKMS for up to 8–12 under‑ice capable submarines valued near 60 trillion won, with officials signaling a decision could come in the near future.