Industry Minister Kim Jung-kwan Visits North America to Discuss Submarine Contracts and Investment in the U.S.

Minister of Trade, Industry and Energy Kim Jungkwan visited Canada and the United States in succession to seek support for submarine orders and discuss investment projects in the U.S. On the 5th, Minister Kim plans to meet with ministers of industry and energy in Ottawa, Canada, to request that Korean companies be awarded the Canadian patrol submarine project. This project is worth up to 60 trillion won and involves the Canadian Navy introducing up to 12 diesel submarines to replace the Victoriaclass submarines scheduled for retirement. He will then move to Washington, D.C., on the 6th to hold preliminary consultations on strategic investment between South Korea and the United States with the U.S. Secretary of Commerce and others. While continuing preparations for the enforcement of the relevant special law and the establishment of the corporation, the government takes the position that it will thoroughly review the procedures, considering that the investment structure could be unfavorable to South Korea, before selecting the first project.