Canada's submarine deal good for German economy, chancellor says

German Chancellor Friedrich Merz and Finance Minister Lars Klingbeil announced Tuesday that Canada's choice of Germany's TKMS to construct up to 12 submarines for its navy is positive news for the German economy and NATO's collective security.

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With this news, we will be sending a strong signal in support of transatlantic and European cooperation at the start of the summit.

"With this news, we will be sending a strong signal in support of transatlantic and European cooperation at the start of the summit," Merz stated in Berlin, referencing an upcoming NATO summit in Ankara. He described the initiative as a strategic endeavor that will solidify partnerships between Canada, Germany, and Norway in the North Atlantic for decades.

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For this is truly a strategic initiative that will bind Canada, Germany and Norway together as partners in the North Atlantic region for decades to come.

TKMS, primarily owned by the German conglomerate Thyssenkrup, secured the contract over a bid from South Korea's Hanwha Ocean. Klingbeil highlighted the win as a testament to German engineering and manufacturing expertise. "This is a signal for this location as a whole, for Made in Germany: that we prevailed in a tough international competition of this scale speaks for our engineering skill, for our manufacturing expertise, for the know-how, and for what can be done at the sites here," he said.

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This is a signal for this location as a whole, for Made in Germany: that we prevailed in a tough international competition of this scale speaks for our engineering skill, for our manufacturing expertise, for the know-how, and for what can be done at the sites here.

Klingbeil also pointed out the geopolitical significance of the deal, extending beyond economic benefits. "At a time when the world is reorganizing itself, having Canada and Norway at our side, and strengthening these alliances even further, is something very important," he commented, underscoring the value of reinforced alliances in a changing global landscape.

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At a time when the world is reorganizing itself, having Canada and Norway at our side, and strengthening these alliances even further, is something very important.