This photo shows representatives of the group and the provincial government of Alberta at a signing ceremony for an MOU on cooperation between the South Korean conglomerate and the Canadian province held in Edmonton on Tuesday. (Hanwha Group)
Hanwha Group said Wednesday it has signed a memorandum of understanding with the provincial government of Alberta in Canada to build a comprehensive economic partnership spanning energy, defense and shipbuilding.
The agreement was signed in Edmonton on Tuesday to explore mutually beneficial investment opportunities and establish long-term cooperation, according to the group.
The MOU was forged in connection with the bid by Hanwha Ocean Co., the group’s shipbuilding subsidiary, for Canada’s Canadian Patrol Submarine Project, aimed at strengthening local industrial partnerships and economic collaboration.
The CPSP, valued at about 60 trillion won ($40.6 billion), involves the potential procurement of up to 12 conventional diesel-electric submarines, with Hanwha competing against Thyssenkrupp Marine Systems of Germany.
Key affiliates, including Hanwha Aerospace Co. and Hanwha Power Co., will participate in cooperation across key sectors, including energy, defense and shipbuilding supply chains.
The partnership will also support Canada’s efforts to strengthen its industrial capabilities and build a regional defense ecosystem.
Alberta Premier Danielle Smith said the agreement demonstrates Alberta’s competitiveness as a destination for global investment.
Lee Jae-kyu, chief executive officer of Hanwha Energy Co., said the group will leverage its capabilities to deliver tangible outcomes across multiple sectors through the partnership. (Yonhap)