Story perspectives

Canada, South Korea Sign $100B Auto and Submarine Deal

1/29/2026

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Summary

Story summary

The memorandum of understanding between Canada and South Korea aims to boost auto-sector collaboration and support South Korea's bid for a submarine contract.
The submarine contract could exceed $100 billion.
Mélanie Joly, Canada's Industry Minister, and Kim Jung-kwan, South Korea's minister, signed the MOU.
Hyundai's executive chair is among the members of the South Korean delegation.
Canada seeks commitments from Hyundai for local production amid auto-industry challenges.

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Story summary

The memorandum of understanding between Canada and South Korea aims to boost auto-sector collaboration and support South Korea's bid for a submarine contract.
The submarine contract could exceed $100 billion.
Mélanie Joly, Canada's Industry Minister, and Kim Jung-kwan, South Korea's minister, signed the MOU.
Hyundai's executive chair is among the members of the South Korean delegation.
Canada seeks commitments from Hyundai for local production amid auto-industry challenges.