Korea and Canada held an industrial cooperation forum in Toronto to bolster Seoul's bid for a major Canadian submarine project. Korean firms like Hanwha Ocean signed multiple MOUs with Canadian partners, while the Cabinet approved a military intelligence-sharing pact.
On January 26, 2026 (local time), Korea and Canada held an industrial cooperation forum in Toronto. Organized by the Ministry of Trade, Industry and Resources, the event promoted bilateral collaboration in strategic sectors like future mobility, defense, space, and artificial intelligence (AI). It came amid South Korea's bid for Canada's 60 trillion-won ($41.4 billion) submarine project, where offset agreements—offering industrial benefits such as technology transfers—are a key selection factor for the winner.
A special delegation led by presidential chief of staff Kang Hoon-sik visited Canada, accompanied by Industry Minister Kim Jung-kwan and Minister of Defense Acquisition Program Administration Lee Yong-cheol. During the forum, Korean and Canadian companies signed six memorandums of understanding (MOUs). Highlights included Hanwha Ocean's deal with Algoma Steel for a $251 million investment in a new steel beam mill and infrastructure for submarine repair and maintenance; low Earth orbit satellite cooperation between Hanwha Systems, Telesat, and MDA; and a trilateral AI agreement among Hanwha Ocean, Hanwha Systems, and Cohere for shipbuilding and submarine technologies.
Hanwha Ocean CEO Kim Hee-cheul stated, "By establishing stable, long-term steel production and infrastructure in Canada, we will contribute to securing reliable submarine capabilities not only for today but for future generations."
Hanwha Systems CEO Son Jae-il said, "Hanwha Systems will make efforts to help Korea establish itself as a core partner in Canada's global economic and security supply chain, leveraging our submarine operation technologies across marine, satellite, AI and security sectors."
Separately, on January 27, 2026, South Korea's Cabinet approved a military intelligence-sharing pact with Canada. Agreed upon in late October 2025 at the Asia-Pacific Economic Cooperation forum in Gyeongju by President Lee Jae-myung and Prime Minister Mark Carney, the deal provides a legal framework for sharing classified military information. It requires no parliamentary ratification and will take effect after administrative steps, supporting defense procurement, industrial security, research, and operational coordination.
The Korean consortium, comprising Hanwha Ocean and HD Hyundai Heavy Industries, is one of two finalists alongside Germany's ThyssenKrupp Marine Systems. Industry Minister Kim Jung-kwan noted in a press release, "Korean companies already regard Canada as a reliable key partner, and expanding bilateral cooperation will help both countries strengthen their supply chain resilience, create more jobs and enhance their global competitiveness."
