On January 26, in Toronto, South Korean corporation Hanwha announced the signing of a series of agreements with Canadian companies Algoma Steel, Telesat, MDA Space, Cohere, and PV Labs.
The agreements aim to establish a broad framework for industrial cooperation within the CPSP project.
The Canadian Patrol Submarine Project (CPSP) is a large-scale program of the Canadian government that aims to replace the outdated Victoria-class submarines with a new fleet of up to 12 modern patrol submarines.
The project is estimated to be worth tens of billions of dollars and is key to protecting the Arctic, Atlantic, and Pacific regions.
South Korea sees the patrol submarine project as an opportunity to elevate its relationship with Canada to a strategic partnership covering defense, industry, technology, and security cooperation.
A separate agreement was signed between Hanwha Ocean and Algoma Steel for the supply of Canadian steel for the construction of submarines.
The investment is estimated at up to $250 million and includes support for the creation of a new steel beam manufacturing plant in Canada. In addition, there are plans to purchase products for the construction and maintenance of submarines in Nova Scotia and British Columbia.
