Hanwha Group, a South Korean conglomerate, aims to create 'at least 200,000 jobs' in Canada by 2040, through cooperation between various sectors, including shipbuilding. The company is competing for a highly contested subcontract.

Hanwha will invest in Canadian companies spanning?shipbuilding to artificial intelligence, aerospace and steel. This was revealed by a Friday statement.

The company didn't disclose the value of the?long-term investment, or provide further details.

Hanwha, along with warship builder TKMS, is one of the?two finalists in a bid to supply Canada with a fleet of new submarines. Industry sources estimate that this tender will be worth over $12 billion.

Earlier this ?week, TKMS CEO Oliver Burkhard told that the German company is in ?talks with Norwegian and German companies to offer a ?multi-billion-dollar investment package to Canada, in an effort to win the tender ?for submarines.

Hanwha is expanding its footprint in North America. This includes acquiring the Philadelphia Shipyard?in the United States, and committing an additional $5 billion to the project - a decision publicly supported by U.S. president Donald Trump. Heejin KIM (Reporting; Chris Reese and Ed Davies, Editing)

(source: Reuters)