South Korea Pushes Submarine Deal with Canada in $41 Billion Defense Bid

The meeting came as Fuhr is in South Korea for a weeklong trip that includes visits to South Korean shipyards and defence firms. His trip comes as Ottawa is set to pick a supplier for the Canadian Patrol Submarine Project, with its value estimated at 60 trillion won (USD 41 billion).

South Korea's Hanwha Ocean Co. and HD Hyundai Heavy Industries Co. have been shortlisted as the final two contenders, alongside Germany's ThyssenKrupp Marine Systems, Yonhap News Agency reported.

Ahn emphasised South Korea's strengths as a country that has built and operated homegrown submarines and is capable of supplying them in a "swift and stable" manner, noting how such a deal could swiftly bolster Canada's naval power.

In response, Fuhr expressed great interest in South Korea's outstanding industrial capabilities and systemic follow-up support and said he hopes Thursday's meeting will serve as an opportunity to elevate their bilateral ties into a strategic arms industry partnership, according to the ministry.

Both sides concurred on the importance of mutually beneficial defence and arms industry cooperation amid a changing security environment and exchanged opinions on possible strategic cooperation in regards to the submarine procurement project.

They also noted how an agreement to strengthen bilateral security and defence partnership, signed on the occasion of the Asia-Pacific Economic Cooperation summit last year, is symbolic and agreed to continue to communicate to reap practical results in defence cooperation.

As part of his visit, Fuhr boarded the 3,600-ton Jang Bogo-III Batch-II submarine Jang Yeong-sil earlier this week, which Hanwha Ocean has proposed for the Canadian project.

- IANS