President Lee: "Korea, a Leading Defense Power, Ready to Support Canada's Security" ... Boosting Bid for 60 Trillion Won Submarine Project

Summit Talks with Prime Minister Carney on the Sidelines of the G7
Strengthening Strategic Cooperation in Defense, Energy, and Critical Minerals
Agreement to Expand Oil and LNG Supply Chains
Discussion on Middle East Stability Following US-

President Lee Jae-myung told Canadian Prime Minister Mark Carney, "As a defense powerhouse, Korea is ready to actively contribute to strengthening Canada's security capabilities based on trust." With Korea and Germany locked in a final competition for Canada's next-generation submarine project, worth up to 60 trillion won, President Lee used the summit stage to directly highlight the competitiveness and cooperative intent of Korea's defense industry.

President Lee Jae-myung and Canadian Prime Minister Mark Carney are holding a bilateral meeting on the 16th (local time) at the Group of Seven (G7) summit venue in Évian-les-Bains, France. 2026.6.17 Yonhap News Agency

President Lee, who is visiting Évian, France, to attend the Group of Seven (G7) summit, held a separate summit meeting with Prime Minister Carney on the afternoon of the 16th (local time), where they discussed ways to strengthen strategic cooperation in key fields such as defense and security, energy, and critical minerals. According to a press release from the presidential office, both leaders assessed that Korea-Canada relations have progressed in many areas and agreed on the importance of enhancing strategic cooperation between the two countries amid the ongoing realignment of the global order.

The main focus of this summit was defense cooperation. President Lee stressed, "As the global order is being restructured, Korea, as a leading defense nation, is ready to make an active contribution to strengthening Canada's security capabilities based on trust." In response, Prime Minister Carney said, "We place great importance on forming a cooperative relationship with Korea," proposing that related matters continue to be discussed.

President Lee's remarks drew particular attention as they coincide with the bid for Canada's next-generation submarine project. Canada is pursuing the acquisition of up to 12 next-generation submarines to replace its aging submarine fleet. The project's total value, including maintenance and operational costs, is estimated to be up to 60 trillion won. Currently, Korea's Hanwha Ocean and Germany's ThyssenKrupp Marine Systems (TKMS) are in the final competition.

Korea is highlighting its strengths in submarine construction technology, shipbuilding industry infrastructure, delivery competitiveness, and long-term maintenance and operational support capabilities. This project is seen as extending beyond a simple arms export, representing a long-term security and industrial partnership that could last for decades. The government’s decision to place defense cooperation at the forefront during the G7 summit reflects this strategic assessment.

The two leaders also agreed on the need to strengthen cooperation in energy supply chains. They concurred on the importance of collaboration to establish a stable energy supply chain between the two countries and agreed to expand mutually beneficial cooperation in areas such as crude oil, liquefied natural gas (LNG), and critical minerals. In particular, Korea, with its advanced industrial capabilities, and Canada, with abundant resources and technological strength, agreed to actively leverage their respective advantages. Korea has a manufacturing base for advanced industries such as semiconductors, batteries, and electric vehicles, while Canada is a key supplier of LNG, crude oil, lithium, nickel, and rare earth elements, giving it significant strategic value.

Middle East affairs were also addressed during the meeting. The two leaders assessed that the recent agreement between the U.S. and Iran has increased the prospects for peace in the Middle East, and they agreed to actively seek practical and concrete measures for cooperation to contribute to regional and international peace, prosperity, and the resolution of pending issues.

President Lee Jae-myung and Canadian Prime Minister Mark Carney are shaking hands on the 16th (local time) before their bilateral meeting at the Group of Seven (G7) summit venue in Evian-les-Bains, France. 2026.6.17 Yonhap News Photo by Yonhap

In their opening remarks, President Lee emphasized the historical ties and the need to expand cooperation between the two countries. He said, "Canada and the Republic of Korea have had a very deep relationship since the Korean War. We received great help from Canada, and now, as countries in similar positions, our relationship has developed into a mutually beneficial partnership." He added, "Since there is much we can cooperate on, I hope today we can discuss in detail how to further our collaboration."

Prime Minister Carney responded by noting that bilateral relations have continued to develop since his visit to Korea last October for the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju. He remarked, "The partnership between our two countries has continued to grow, and we have strengthened cooperation in various fields such as defense, investment, and culture."

This content was produced with the assistance of AI translation services.