Business

S. Korean Shipbuilder Hopes to Create 200,000 Canadian Jobs
By Reuters | 22 Jan, 2026

Shortlisted for a $12 billion deal to build a fleet of new submarines, Hanwha plans broad-based investments across Canadian industry through 2040.

South Korean conglomerate Hanwha Group aims to create at least 200,000 jobs in Canada by 2040 through cooperation across various sectors including shipbuilding, the company said, as it seeks to win a fiercely contested submarine contract.

Hanwha, whose businesses span defence to shipbuilding, will invest in Canadian industries ranging from shipbuilding to steel, artificial intelligence and aerospace, according to a statement released on Friday. 

The company did not disclose the value of the long-term investment or give further details.

Hanwha is one of two finalists - alongside warship builder TKMS - in a tender to supply Canada with a new fleet of submarines, estimated by industry sources to be worth more than $12 billion. 

Earlier this week, TKMS CEO Oliver Burkhard told Reuters that the German company is in talks with Norwegian and German companies to offer a multi-billion-dollar investment package to Canada, in an effort to win the tender for submarines. 

Hanwha has been expanding its footprint in North America, including by acquiring the Philly Shipyard in the United States and committing to an additional $5 billion investment - a move publicly backed by U.S. President Donald Trump. 

(Reporting by Heejin Kim; Editing by Chris Reese, Ed Davies)