SEOUL, Jan 26 – South Korean Presidential Chief of Staff Kang Hoon-sik said on Monday he was heading to Canada, with executives from Hyundai Motor, alongside shipbuilders Hanwha and HD Hyundai Heavy Industries, in a bid to win a submarine project believed to be worth 40 trillion won (US$27.65 billion).
South Korea is competing against Germany’s TKMS in a race to win the Canadian project for a new fleet of submarines, estimated by industry sources to be worth more than $12 billion.
Before departing for Canada together with Industry Minister Kim Jung-kwan, Kang said given the competition against a manufacturing superpower in Germany, “We believe the prospects are not necessarily easy.”
“I hope to … directly convey the excellent performance of our submarines as well as the government’s commitment to expanding industrial and security cooperation between our two countries,” Kang told reporters.
Little-Chemical5006 on
With Hyundai executives. Seems like they really take into consideration that Joly said the other day that the sub contract need to benefit canada manufacturing
Fubar236 on
Great more projects not involving the US. This is great. Can they please build some subs for our own fleet while they are at it ?????
Prudent_Slug on
I’m even getting ads from Hanwha Ocean on YouTube about the sub proposal. I guess to increase public support about the project?
MrVeinless on
GV70 EREV factory please.
StrategicallyLazy007 on
Why is it $28B for Hyundai and $12B for TKMS?
Are they bidding on the same package?
Own-Beat-3666 on
One big factor Canada is a member in the EU defence fund or EDF which means Canada can borrow from the fund with extremely low interest rates to buy European Defence Equipment like the German subs. Buying Korean means Canada has to fund the multi-billion dollar contract ourselves. The German subs also would be more aligned with our European allies and allow Canadian companies more access to European defence contracts.
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SEOUL, Jan 26 – South Korean Presidential Chief of Staff Kang Hoon-sik said on Monday he was heading to Canada, with executives from Hyundai Motor, alongside shipbuilders Hanwha and HD Hyundai Heavy Industries, in a bid to win a submarine project believed to be worth 40 trillion won (US$27.65 billion).
South Korea is competing against Germany’s TKMS in a race to win the Canadian project for a new fleet of submarines, estimated by industry sources to be worth more than $12 billion.
Before departing for Canada together with Industry Minister Kim Jung-kwan, Kang said given the competition against a manufacturing superpower in Germany, “We believe the prospects are not necessarily easy.”
“I hope to … directly convey the excellent performance of our submarines as well as the government’s commitment to expanding industrial and security cooperation between our two countries,” Kang told reporters.
With Hyundai executives. Seems like they really take into consideration that Joly said the other day that the sub contract need to benefit canada manufacturing
Great more projects not involving the US. This is great. Can they please build some subs for our own fleet while they are at it ?????
I’m even getting ads from Hanwha Ocean on YouTube about the sub proposal. I guess to increase public support about the project?
GV70 EREV factory please.
Why is it $28B for Hyundai and $12B for TKMS?
Are they bidding on the same package?
One big factor Canada is a member in the EU defence fund or EDF which means Canada can borrow from the fund with extremely low interest rates to buy European Defence Equipment like the German subs. Buying Korean means Canada has to fund the multi-billion dollar contract ourselves. The German subs also would be more aligned with our European allies and allow Canadian companies more access to European defence contracts.