Minister Kim Jeonggwan Heads to North America for US Investment Talks and Canadian Submarine Project Negotiations

All-out Effort to Win 60 Trillion Won Submarine Contract in Canada
Strategic Investment Talks and Trade Outreach in the U.S.

Yonhap News Agency

Minister of Trade, Industry and Energy Kim Jeonggwan is set to visit both the United States and Canada in succession, aiming to strengthen economic and industrial cooperation across North America. His agenda includes consultations on strategic investment with the U.S. and support for the Canadian submarine program.

According to the Ministry of Trade, Industry and Energy on May 5, Minister Kim will visit Ottawa, Canada, and Washington D.C., United States from May 5 to 8 (local time), where he will meet key officials from both countries to discuss cooperation in the industrial and energy sectors as well as investment opportunities.

In Canada, he will first hold meetings with Melanie Joly, Minister of Industry, and Tim Hodgson, Minister of Energy and Natural Resources, to discuss ways to expand resource and energy cooperation. In particular, he plans to request the Canadian government's attention and support regarding the submarine program, which is valued at up to 60 trillion won.

This project involves the procurement of up to 12 diesel submarines, and the outcome for Korean shipbuilding and defense industries could shape the structure of industrial and security cooperation between the two countries for decades to come. The government views this as an opportunity not only for defense exports but also for establishing a long-term partnership.

Minister Kim will then travel to Washington D.C., where he will meet with Howard Lutnick, Secretary of Commerce, among others, to hold preliminary discussions on strategic investment projects between Korea and the United States. Trade outreach efforts targeting both Congress and the administration will also take place in parallel.

This visit to the U.S. is particularly noteworthy as it marks the first high-level consultation to follow up on the passage of the "Special Act on Investment in the United States." The government is currently working on drafting enforcement ordinances and establishing a dedicated agency, with plans to launch strategic investment projects focused on energy and advanced industries in earnest.

Minister Kim emphasized, "By concretizing strategic investment projects, we will expand the entry of Korean companies into the U.S. market and ensure these benefits are reinvested into the domestic industry. The Canadian submarine project as well will serve as a starting point for long-term cooperation spanning security, the economy, and industry."

This content was produced with the assistance of AI translation services.