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Industry minister departs for Canada in latest push to help Korean consortium win submarine project

Published: 05 May. 2026, 11:54 Updated: 05 May. 2026, 15:11

Industry Minister Kim Jung-kwan speaks during an event for marine and shipbuilding industry in central Seoul on April 28. [NEWS1]

Industry Minister Kim Jung-kwan left for Canada on Tuesday in the latest push to help a Korean consortium win an estimated 60 trillion won ($40.6 billion) project to build as many as 12 new conventionally powered submarines.

Kim is scheduled to meet his Canadian counterpart, Melanie Joly, and Canada's Minister of Energy and Natural Resources Tim Hodgson in Ottawa to discuss the submarine project and seek their support for the Korean consortium's bid, according to the ministry.

Kim previously visited Canada in January and March to support the bid.

The Korean consortium, comprising Hanwha Ocean and HD Hyundai Heavy Industries, is vying against Germany's Thyssenkrupp Marine Systems, with a final contractor expected to be chosen in June.

Kim will then fly to Washington on Wednesday to meet U.S. Commerce Secretary Howard Lutnick and other government officials to discuss Korean investment projects in the United States.

In March, the National Assembly passed a special bill on Seoul's $350 billion investment pledge to the United States, under which Korea will establish a new state-run corporation to implement the investment package.

Seoul made the investment commitment under a trade deal last year in return for Washington lowering its “reciprocal” tariffs on Korea.

Yonhap