Hanwha Group says aims to create at least 200,000 jobs in Canada by 2040
The logo of South Korean shipbuilder Hanwha Ocean at their office building in Seoul, South Korea, October 15, 2025. REUTERS/Kim Hong-Ji
SEOUL, Jan 23 : 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.
