South Korean Industry Minister Kim Jung-kwan has embarked on a four-day diplomatic journey to Washington and Ottawa, Ontario, aimed at advancing crucial US-bound investment strategies and bolstering Seoul’s ambitious bid for Canada’s multibillion-dollar submarine acquisition program, the ministry officially announced on Tuesday.
Minister Kim’s itinerary begins in Ottawa, where he will hold key meetings through Wednesday with Canadian Industry Minister Melanie Joly and Energy and Natural Resources Minister Tim Hodgson. These discussions are slated to focus on strengthening bilateral economic cooperation and exploring Korea’s potential involvement in Canada’s significant submarine procurement project, a venture where prominent Korean defense companies like Hanwha Ocean and HD Hyundai Heavy Industries are actively participating.
Following his engagements in Canada, Minister Kim will proceed to Washington. There, he is scheduled to meet with high-ranking US officials, including Commerce Secretary Howard Lutnick, and engage with lawmakers to deliberate on strategic investment plans and broader trade issues impacting both nations.
Minister Kim highlighted the progress made, stating, “Following the successful passage of the Special Act on US Investments in March, we have rapidly implemented follow-up measures. This includes drafting essential enforcement decrees and making preparations for the establishment of a dedicated public corporation.”
He further elaborated, “Our plan is to initiate preliminary negotiations on several key strategic investment projects. The government is committed to actively leading these endeavors, ensuring they align perfectly with national interests while simultaneously creating expanded opportunities for Korean companies in the US market.”
Regarding Canada’s comprehensive submarine program, Minister Kim emphasized its potential to lay a robust foundation for long-term collaboration. He noted the project could span critical areas such as national security, industrial development, and broader economic partnership between Korea and Canada.
“The government will spare no effort in providing comprehensive support for this pivotal bid,” he affirmed.
