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South Korea Eyes $44 Billion Submarine Deal with Canada

2/3/2026

31 5 Full Breakdown

Summary

Story summary

South Korea is pursuing Canada's $44 billion Patrol Submarine Project (CPSP), a move that could raise its status among global arms exporters.
The competition centers on Hanwha Ocean of South Korea and ThyssenKrupp Marine Systems of Germany, with six MOUs signed between South Korean and Canadian firms.
Winning CPSP would boost South Korea's credibility in the Western defense market and deepen Canada ties through broader defense cooperation.

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Story summary

South Korea is pursuing Canada's $44 billion Patrol Submarine Project (CPSP), a move that could raise its status among global arms exporters.
The competition centers on Hanwha Ocean of South Korea and ThyssenKrupp Marine Systems of Germany, with six MOUs signed between South Korean and Canadian firms.
Winning CPSP would boost South Korea's credibility in the Western defense market and deepen Canada ties through broader defense cooperation.