Minister Kim Jeong-gwan to Visit Canada on the 5th to Support Submarine Bid

[Financial News] Kim Jeong-gwan, Minister of Trade, Industry and Energy, will depart on the 5th to support South Korea’s bid for the Canadian Patrol Submarine Project (CPSP), which is worth up to 60 trillion won.
According to the Ministry of Trade, Industry and Energy on the 4th, Minister Kim will attend the completion ceremony for LG Energy Solution’s battery plant to be held in Windsor, Canada. Using this event as an opportunity, he plans to carry out activities in support of winning the submarine contract.
While in Canada, Minister Kim is expected to meet key government officials to explain the submarine-building capabilities of Korean companies and to discuss ways to expand industrial cooperation between the two countries.
The winning bidder is expected to be selected as early as June. A consortium of South Korea’s Hanwha Ocean and HD Hyundai Heavy Industries is currently competing in the final round against Germany’s TKMS. Local media recently reported that the Canadian government is considering ordering six submarines each from South Korea’s Hanwha Group and Germany’s TKMS.

aber@fnnews.com Park Ji-young Reporter