South Korean Presidential Chief of Staff Kang Hoon -sik announced on Monday that he would be heading to Canada with Hyundai Motor executives and representatives of shipbuilders Hanwha & HD Hyundai Heavy Industries in order to secure a major subcontract.

South Korea and Germany's TKMS are competing to win a Canadian project to build a new submarine fleet, which is estimated to be worth over $12 billion by industry sources.

Kang, along with Kim Jung-kwan from the Ministry of Industry, said that given the competition Germany faces, the prospects for Canada are "not necessarily easy."

Kang, Kang's reporter, said: "I hope I can... directly convey the excellent performance of the submarines and the commitment of the government to expand industrial and security co-operation between our two nations."

Kang stated that the submarine project was one of the largest defence procurement projects currently underway. It would result in an overall economic benefit of over 40 trillion won ($27.62 million) and the creation of 20,000 South Korean jobs.

Last week, TKMS CEO Oliver Burkhard said the German company was in talks with 'Norwegian companies and German firms to offer a multibillion-dollar investment package to Canada to bid for the tender.

Hanwha Group said on Friday that it also

Create a goal

By 2040, Canada will have created a significant number of jobs through cooperation between various sectors including submarines. ($1 = 1,448.2000 won) (Reporting and editing by Jack Kim, Joyce Lee)

(source: Reuters)