President Lee: South Korea Showcased Strength Despite Losing Canadian Submarine Bid

President Lee Jae-myung acknowledged the disappointment of losing the bid for Canada's next-generation submarine project but stated that South Korea's capabilities were clearly demonstrated to the international community. Hanwha Ocean, a domestic company, was in contention for the 100 trillion won project but was ultimately outbid by a German-Norwegian consortium led by Thyssenkrupp Marine Systems (TKMS), which Canada selected as the preferred negotiator.

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Although we did not achieve the expected results, I believe we have once again clearly shown our potential to the international community.

"Although we did not achieve the expected results, I believe we have once again clearly shown our potential to the international community," Lee wrote on Facebook. He asserted that South Korean submarines have competed fiercely with global leaders, proving their superior performance and technological prowess. The president stressed that while challenges often bring both success and regret, the crucial element is to keep moving forward without stopping.

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It is true that the disappointment is significant, as this was a project where our 'defense industry One Team' poured all its efforts until the end.

Presidential Chief of Staff Kang Hoon-sik echoed these sentiments, expressing regret over the outcome of the project, which he personally supported as a presidential envoy. "It is true that the disappointment is significant, as this was a project where our 'defense industry One Team' poured all its efforts until the end," Kang stated on Facebook. He added that the Canadian government's decision, based on a comprehensive consideration of economic and industrial cooperation, security, and costs, is respected.

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The Canadian government's decision, based on a comprehensive consideration of economic and industrial cooperation, security, and costs, is respected.

Kang further commented that the bidding process served as an opportunity to reaffirm South Korea's current standing in the defense industry. He expressed confidence that this experience will serve as a stepping stone to opening doors for future opportunities. The president and his chief of staff emphasized that the experience, despite the loss, will be a valuable foundation for further advancing technology and enhancing competitiveness in the future.

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This bidding process was an opportunity to reaffirm South Korea's current standing in the defense industry. I am confident it will serve as a stepping stone to opening doors for future opportunities.