Canada has signed a memorandum of understanding with South Korea that includes discussions to bring auto manufacturing to Canada, two sources told CTV News.

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A South Korean submarine built by Hanwha Ocean has arrived off the coast of British Columbia as part of an effort to demonstrate its capabilities to Canadian defence decision-makers. The ROKS Dosan Ahn Chang-ho, a 3,000-ton KSS-III submarine, travelled approximately 14,000 kilometres across the Pacific Ocean to reach Victoria, where it will participate in joint anti-submarine exercises with the Royal Canadian Navy. The visit is part of Hanwha Ocean’s bid to secure Canada’s planned multibillion-dollar submarine procurement, which aims to replace and expand the Royal Canadian Navy’s fleet with up to 12 modern submarines over the coming decades. Canada is evaluating competing offers from South Korea’s Hanwha Ocean and Germany’s ThyssenKrupp Marine Systems (TKMS), which is proposing its Type 212CD submarine. Both bidders are presenting industrial benefit packages, including commitments to build maintenance facilities in Esquimalt and Halifax and expand domestic partnerships to generate Canadian jobs and long-term economic benefits. Hanwha has also outlined additional investments in Canadian industries such as steel manufacturing and automotive production, claiming its broader plan could support tens of thousands of jobs over time. The federal government is expected to make a decision within weeks, with contract negotiations to follow and a final selection anticipated by late June. Officials emphasize that the new submarines will be required to operate in both Atlantic and Pacific waters, including under Arctic ice, underscoring the strategic importance of the procurement for Canada’s long-term naval capabilities and sovereignty.

The contract includes the supply of six helicopters along with operational equipment, engineering support, and logistics support.