Submarine Project in Canada, Investment Talks in the U.S.: Kim Jungkwan Ramps Up North American Industrial Diplomacy

Korea and Canada Sign MOUs on Icebreaker and R&D Collaboration
Expanding North American Supply Chain Cooperation
"First Major U.S. Investment Announcement to Come After June"

Kim Jungkwan, Minister of Trade, Industry and Energy, met with Melanie Joly, Minister of Innovation, Science and Industry of Canada, on the 6th (local time) in Ottawa, Canada, and took a commemorative photo before the meeting. Ministry of Trade, Industry and Energy.

Minister of Trade, Industry and Energy Kim Junggwan has embarked on a tour of Canada and the United States, engaging in North American industrial diplomacy. In Canada, his focus was on supporting bids for submarine projects and expanding cooperation on critical minerals, while in the United States, he aimed to strengthen supply chain and investment collaboration by discussing strategic Korea-U.S. investments and trade issues.

On May 5-6 (local time), Minister Kim visited Ottawa, Canada, where he met with key officials including Melanie Joly, Minister of Innovation, Science and Industry, and Tim Hodgson, Minister of Natural Resources, to discuss ways to expand industrial and resource cooperation.

During his meeting with Minister Joly, Kim shared updates on cooperation between Korean and Canadian companies regarding the Canadian submarine project and discussed expanding collaboration in advanced industries such as hydrogen. He also requested the Canadian government's continued interest and support for Korean companies.

Subsequently, in his meeting with Minister Hodgson, Kim reached a consensus on the necessity of diversifying energy and resource supply chains amid recent global supply chain instability and agreed to expand cooperation in the area of critical minerals. Both sides decided to deepen their collaboration, centering on the Korea-Canada Critical Minerals Working Group (WG).

Kim also met with Senator Hassan Yussuff to discuss strategic cooperation plans related to the submarine project and exchanged views on expanding defense industry cooperation with Flavio Volpe, President of the Automotive Parts Manufacturers' Association (APMA) of Canada. Recently, APMA signed a memorandum of understanding (MOU) with Hanwha Aerospace and Hanwha Ocean to establish a joint venture for the production of military and special-purpose industrial vehicles.

Kim Junggwan, Minister of Trade, Industry and Energy, is meeting with Tim Hodgson, Minister of Natural Resources of Canada, on the 6th (local time). Ministry of Trade, Industry and Energy.

On this occasion, a total of two MOUs were signed, including international joint research and development (R&D) on icebreakers and cooperation in industrial technology innovation and R&D. The joint research on icebreakers will be led by the Korea Research Institute of Ships and Ocean Engineering and Memorial University of Canada, while industrial technology cooperation will be promoted by the Korea Institute for Advancement of Technology and Canada's Prompt.

Minister Kim stated, "Winning the Canadian submarine project is more than a simple defense procurement project; it is a crucial turning point for building a long-term partnership between our two countries," adding, "We will mobilize all public and private sector capabilities to respond with our full strength."

After completing his schedule in Canada, Minister Kim immediately traveled to Washington, D.C., to begin discussions on strategic Korea-U.S. investment with key officials from the Trump Administration. On May 6 (local time), he told reporters at Dulles International Airport, "Since the Special Act on Investment in the United States will take effect after June, specific project announcements will also come after that." The "Special Act for the Management of Korea-U.S. Strategic Investment," which passed the National Assembly in March, will take effect on June 18.

Regarding the U.S. Louisiana liquefied natural gas (LNG) export terminal project, which is being considered as the first major investment project in the United States, he said, "It is true that it was under review," but added, "It is not yet at a stage where we can speak definitively."

When asked whether Korea's investment implementation is lagging behind Japan's, Kim explained, "Working-level consultations are being conducted closely, and I do not believe the investments are being delayed," noting, "Our start was somewhat later than Japan's."

He added, "Announcing specific projects is not the same as moving forward with actual implementation, so I'm not sure if we can really say we are behind Japan."

Regarding the U.S. Trade Representative's Section 301 investigation, Minister Kim stated, "I understand it is with the restoration of reciprocal tariffs of 15% in mind," adding, "We will do our utmost to ensure that it is managed within that scope."

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