Ontario Minister of Economic Development Visits Hanwha Ocean Geoje Shipyard

Ahead of Canadian Submarine Bid
Visiting Shipbuilding Site and Boarding the Jang Yeongsil Submarine

With the bidding for the Canadian Patrol Submarine Project (CPSP), which is valued at up to 60 trillion won, approaching, the Ontario Minister of Economic Development visited Hanwha Ocean's Geoje shipyard.

On the 22nd, Victor Fedeli, Ontario Minister of Economic Development, Job Creation and Trade (fourth from the left), is taking a photo with Kim Heecheol, CEO of Hanwha Ocean (fifth from the left), in front of the Jang Yeong-sil submarine built by Hanwha Ocean. Hanwha Ocean

Hanwha Ocean announced that on the 22nd, Victor Fedeli, Minister of Economic Development, Job Creation and Trade of Ontario-who is also a member of the provincial parliament representing Nipissing-visited the Geoje shipyard.

Minister Fedeli toured the Geoje shipyard, which boasts the world’s largest state-of-the-art shipbuilding facilities, observed the shipbuilding process, and inspected automated production systems utilizing welding robots. He also boarded the Jang Yeong-sil submarine (Jangbogo-III Batch II), which was launched in October last year, to see the submarine firsthand.

Hanwha Ocean explained to Minister Fedeli the design and production process of the proposed CPSP model submarine, showcasing its world-class large-scale shipbuilding infrastructure and production capabilities. In addition, the company presented industrial cooperation plans related to the Industrial and Technological Benefits (ITB)-a key element of the Canadian submarine project-and highlighted the investment and job creation effects expected across Ontario and all regions of Canada.

Hanwha Ocean plans to pursue various cooperation initiatives with Ontario, a region in the Canadian Great Lakes area, following Minister Fedeli’s visit. Through partnerships that contribute to job creation and regional industrial development within Ontario, the company expects to play a significant role in ITB negotiations, which are a major component of securing the CPSP contract.

Kim Heecheol, CEO of Hanwha Ocean, stated, “It is very meaningful to be able to directly introduce the latest submarines that have already been proven by the Republic of Korea Navy,” and added, “Discussions on cooperation with Ontario’s industries demonstrate our firm commitment to establishing sustainable submarine construction and maintenance capabilities in Canada.”

Recently, Hanwha Ocean has signed memoranda of understanding (MOUs) for shipbuilding and industrial cooperation with more than ten Canadian local companies. The company is also actively pursuing additional local partnerships to support the Canadian government’s ‘Buy Canadian’ policy.