Press Release
• The two sides agreed on the importance of leveraging the Invest in Canada initiative as a platform to advance long-term, industry-led cooperation and investment.
• Participants noted that major long-term programs such as Canada’s Patrol Submarine Project (CPSP) can serve as catalysts for broader Korean investment in Canada, extending beyond defence into manufacturing, energy, materials, and advanced industrial sectors.
Senior government officials and business leaders from Canada and South Korea gathered in Ottawa on Tuesday, aligning around the Invest in Canada initiative as a platform to deepen bilateral industrial cooperation across manufacturing, supply chains, and long-term investment.
Hosted by Invest in Canada, the meeting brought together Korea’s Minister of Trade, Industry and Resources Kim Jung-kwan; Canada’s Minister of Export Promotion, International Trade and Economic Development Maninder Sidhu; Chang-beom Kim, Vice-Chairman and CEO of the Federation of Korean Industries (FKI); and Canada’s Invest in Canada CEO Laurel Broten.
The Korean business delegation included senior executives from leading industrial groups, including Jae Hoon Chang, Vice Chair of Hyundai Motor Group; Hee Cheul Kim, CEO of Hanwha Ocean; Jaeil Son, President and CEO of Hanwha Systems; Mookyung Jung, President of Korea Zinc; and Bon-Seung Goo, President and CEO of KTE.
The Ottawa engagement followed Korea–Canada industry forums held a day earlier in Toronto, Canada’s economic and industrial hub, where both sides highlighted the need to strengthen strategic industrial cooperation amid global supply-chain restructuring, technological disruption, and growing economic uncertainty. During the Toronto forums, Korean and Canadian stakeholders announced six memoranda of understanding (MOUs) spanning manufacturing, advanced technologies, energy, and industrial cooperation, providing momentum for subsequent discussions.
The back-to-back engagements from Toronto to Ottawa underscored the breadth of Korean industry’s commitment to Canada and reflected a deliberate effort to move beyond sector-specific investment opportunities toward broader trade and policy frameworks, with ministerial-level participation.
During the discussions, participants exchanged views on expanding cooperation in advanced manufacturing, mobility, clean energy, and defence-related industries. Emphasis was placed on moving beyond transactional trade toward long-term partnerships that support local production, technology collaboration, and more resilient supply chains in both countries.
Participants also noted that large-scale, long-term programs—such as Canada’s ongoing submarine modernisation efforts under the CPSP—can provide a foundation for wider industrial cooperation, enabling sustained investment across multiple sectors including steel, energy, advanced manufacturing, digital systems, and long-term sustainment activities.
Canadian officials underscored Canada’s attractiveness as an investment destination, pointing to its skilled workforce, access to critical minerals, and commitment to industrial growth. Invest in Canada highlighted ongoing efforts to facilitate strategic investments that create high-quality jobs and reinforce Canada’s position in global value chains.
Korean government and industry representatives reaffirmed Korea’s interest in acting as a long-term, trusted industrial partner for Canada. Building on themes raised at the Toronto automotive and CEO forums, they emphasized cooperation in future-oriented sectors such as electric and hydrogen mobility, artificial intelligence, clean energy, and advanced industrial systems, alongside defence and maritime industries.
The meeting also provided an opportunity for Korean companies to outline their existing engagement in Canada and explore avenues for expanding collaboration through joint projects, localized production, and deeper supply-chain integration. Participants noted that closer industrial cooperation could help both countries better navigate global market shifts while strengthening economic security and competitiveness.
Both sides shared the view that Canada and Korea’s complementary industrial strengths and shared strategic interests provide a strong foundation for expanded cooperation under the Invest in Canada initiative.
