Canada seeks stronger defence investment ties as Industry Minister heads to South Korea

Industry Minister Mélanie Joly is travelling to South Korea this week for a series of meetings aimed at expanding Canada’s defence-related industrial partnerships and attracting new foreign investment. The five-day mission includes stops in Seoul and Busan before continuing on to Tokyo.

Her visit comes as Ottawa works to broaden its export markets beyond the United States and accelerate long-term procurement planning. A key stop on the trip includes discussions with executives at Hanwha, one of two companies bidding on Canada’s multibillion-dollar project to build a new fleet of up to 12 submarines to replace the aging Victoria-class vessels.

Federal officials say talks with Korean government and industry leaders will span several strategic sectors, including shipbuilding, mining, and advanced manufacturing tied to the automotive and battery industries. The trip also follows Prime Minister Mark Carney’s recent tour of a Hanwha submarine facility in South Korea, a signal of Ottawa’s growing focus on strengthening defence supply chains in the Indo-Pacific region.

The visit comes ahead of the federal government’s expected release of a new defence industrial strategy, which is anticipated to outline long-term procurement priorities and opportunities for Canadian firms. The outcomes of Joly’s meetings may influence how Canada positions itself in emerging security and economic partnerships across the region.