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Trade Minister Kim Jung-kwan, proper, the presidential chief of employees who additionally serves as a particular envoy for strategic cooperation Kang Hoon-sik, middle, and Minister of Protection Acquisition Program Administration Lee Yong-cheol, communicate forward of their departure for Canada at Incheon Worldwide Airport, Monday. Yonhap
Korea has held a joint industrial cooperation discussion board with Canada, Seoul’s business ministry stated Tuesday, a transfer apparently geared toward supporting the nation’s bid to win Canada’s main submarine venture.
The Ministry of Commerce, Trade and Sources held the Korea-Canada industrial cooperation discussion board in Toronto on Monday (native time), selling bilateral collaboration in future mobility, protection, area, synthetic intelligence (AI) and different strategic industries.
The auto business is thought to be a key space the place Canada needs offset agreements with overseas companions, equivalent to Korea.
An offset settlement refers to a deal the place a vendor agrees to offer industrial advantages, equivalent to know-how switch, to the client’s nation as a part of a broader contract.
An offset settlement is reportedly one of many key elements the Canadian authorities is contemplating for choosing the winner of its submarine program.
Main Korean shipbuilder Hanwha Ocean is vying for the estimated 60 trillion-won ($41.4 billion) venture after being chosen as one among two last contenders, alongside Germany’s Thyssenkrupp Marine Methods (TKMS).
To help the bid, the Korean authorities despatched a particular delegation, led by presidential chief of employees Kang Hoon-sik, to Canada on Monday. The delegation consists of Trade Minister Kim Jung-kwan and Minister of Protection Acquisition Program Administration Lee Yong-cheol.
Throughout the discussion board, Korean and Canadian firms signed six memorandums of understanding (MOUs) for cooperation in main industries, in keeping with the ministry.
The MOUs embody one between Hanwha Ocean and Algoma Metal for collaboration within the metal business, low Earth orbit satellite tv for pc cooperation offers amongst Korea’s Hanwha Methods and Canada’s Telesat and MDA, and a trilateral AI cooperation settlement amongst Hanwha Ocean, Hanwha Methods and Cohere.
A enterprise roundtable occasion additionally happened throughout the discussion board, bringing collectively chief executive-level officers of 12 Korean companies and 9 Canadian companies to debate alternatives to develop the 2 nations’ cooperation in superior industries, the ministry stated.
“Korean firms already regard Canada as a dependable key associate, and increasing bilateral cooperation will assist each nations strengthen their provide chain resilience, create extra jobs and improve their world competitiveness,” the business minister stated in a press launch.
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