Korean Industry Minister Kim Jung-kwan and top officials from leading Korean corporations, such as Hyundai Motor, convened with the Canadian industry minister this week to deliberate on collaborative efforts in the industrial sector between the two nations, as reported by Kim's office.
This gathering comes in the midst of a Korean consortium's endeavor to acquire Canada's esteemed submarine project.
Kim held a meeting with Canadian Industry Minister Melanie Joly, following their attendance at the ceremony marking the completion of LG Energy Solution's battery plant in Ontario. This encounter was confirmed by the Ministry of Trade, Industry and Resources.
Also Read: Saudi Aramco Pauses Ras Tanura Refinery After Drone Strike
Officials from Hyundai Motor and other Korean companies, in addition to the two sides, participated in the meeting. They are engaged in talks regarding expanded collaboration across multiple industries in relation to the Korean consortium's endeavor to secure the Canadian Patrol Submarine Project, estimated at 60 trillion won ($40.6 billion).
The Korean consortium, consisting of Hanwha Ocean and HD Hyundai Heavy Industries, is engaged in competition with Germany's Thyssenkrupp Marine Systems for the opportunity to secure orders for all 12 submarines that Canada plans to commission.
Canada has expressed interest in collaborating within the automotive industry as part of discussions regarding the submarine agreement, proposing to Hyundai Motor of Korea the establishment of a domestic production facility and to Volkswagen of Germany the expansion of its current facility.
The Canadian government is said to have demonstrated interest in potentially collaborating with Hyundai Motor of Korea and Volkswagen of Germany within the automotive sector. In relation to the submarine agreement, Canada has purportedly expressed interest in partnering with Hyundai Motor of Korea to construct a local manufacturing facility and with Volkswagen of Germany to enhance its current facility.
Also Read: PM Orders Enhanced Management, Effective Use of Public Assets
The possibility of collaboration in the automotive sector has caught the attention of Canada in connection with the submarine deal, with proposals made to Hyundai Motor of Korea for the establishment of a local production facility and to Volkswagen of Germany for the enlargement of its existing facility.
Reports indicate that Canada is exploring the prospect of cooperation with Hyundai Motor of Korea and Volkswagen of Germany in the automotive industry as part of discussions related to the submarine agreement.
As discussions surrounding the submarine deal progress, Canada has reportedly expressed interest in collaborating with Hyundai Motor of Korea and Volkswagen of Germany in the automobile sector.
Also Read: Kenanga Launches Malaysia’s First Tokenised Money Market Fund
Talks regarding the submarine agreement have led Canada to consider collaborating in the automotive industry by proposing to Hyundai Motor of Korea the construction of a local manufacturing facility and to Volkswagen of Germany the expansion of its current facility.
Canada has reportedly demonstrated interest in exploring collaboration opportunities with Hyundai Motor of Korea and Volkswagen of Germany in the automotive sector, as discussions regarding the submarine agreement continue.