South Korea's foreign and defense ministries reviewed their strategy to expand defense cooperation in the Americas region, aiming to win a 60 trillion won ($42 billion) Canadian submarine project.
The Ministry of Foreign Affairs said Friday that a defense cooperation network meeting for the Americas region was held, co-chaired by Park Jong-han, Coordinator for Economic Affairs at the Foreign Ministry, and Won Jong-dae, Deputy Minister at the Defense Ministry. The meeting was convened to explore ways to enhance defense cooperation with the Americas region ahead of Canada's upcoming contractor selection process for its submarine project. The Defense Acquisition Program Administration and Korean diplomatic missions in the Americas also participated.
"For sustainable defense industry growth, it is essential to establish strategies by comprehensively examining diplomatic, security, and economic factors," Park said. "The role of overseas diplomatic missions, which are at the forefront of negotiations with host governments, is crucial." He also called for close cooperation between relevant ministries and diplomatic missions to expand strategic cooperation based on alliances and security partnerships in North America, and to identify new opportunities in Latin America.
"The Americas region is a strategic stage directly linked to the future and sustainable growth of our defense industry," Won said, emphasizing the importance of building a mutually beneficial security and industrial cooperation model.
The Canadian Patrol Submarine Project (CPSP) is a 60 trillion won program to order up to 12 diesel-powered submarines. Korea's Hanwha Ocean (042660.KS) and HD Hyundai Heavy Industries have formed a consortium and are competing with Germany's ThyssenKrupp Marine Systems (TKMS), with the final contractor expected to be announced at the end of June.
