South Korea Ramps Up Efforts for Multibillion-Dollar Canadian Submarine Deal

South Korea is aiming to secure a major submarine contract with Canada, competing against Germany's TKMS for a deal valued over $12 billion. The agreement would significantly benefit South Korea's economy, potentially boosting it by over 40 trillion won and creating around 20,000 jobs.

South Korea is intensifying its efforts to secure a lucrative submarine contract with Canada, vying with Germany's TKMS in a high-stakes competition. The deal, estimated to be worth over $12 billion, represents one of the largest defense procurements worldwide.

The delegation, led by Presidential Chief of Staff Kang Hoon-sik and Industry Minister Kim Jung-kwan, emphasizes South Korea's commitment to bolstering industrial and security ties with Canada. By promoting the advanced capabilities of their submarines, they hope to sway Canadian officials.

The potential agreement could herald significant economic benefits for South Korea, with projections of over 40 trillion won ($27.62 billion) in economic impact and the creation of 20,000 jobs. Meanwhile, Germany's TKMS is formulating a competitive investment package to win Canada over.