.jpg)
1 hour ago
3
Article content
(Bloomberg) — The Canadian and South Korean governments promised to look at bringing Korean auto manufacturing to Canada as part of a broader effort to deepen industrial cooperation.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The non-binding memorandum of understanding was signed this week as a high-level Korean delegation, including the presidential chief of staff and top shipbuilders, toured Canada in an effort to land a multi-billion dollar submarine contract.
Article content
Article content
Article content
The document outlines “the intention to cooperate on advancing a Korean automotive industrial footprint in Canada and advancing domestic electric vehicle manufacturing opportunities,” Canadian Industry Minister Melanie Joly’s office said in a statement.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The two countries also pledged to “enhance cooperation on critical mineral supply chains, clean energy transition and energy security,” her office said.
Article content
Korea-based Hyundai Motor Group currently has no manufacturing in Canada, but sells a large number of imported cars in the country, including through its Kia brand.
Article content
Ontario Premier Doug Ford, whose province is home to Canada’s major auto plants, welcomed news of the signing.
Article content
“I think that’s great,” Ford told reporters Thursday. “Hyundai and Kia sell 220,000 cars a year and they have no presence here in Canada, so we welcome that. We’ll be there to support them any way we can.”
Article content
Joly is working on a larger strategy for Canada’s auto sector, expected to be released in the coming weeks.
Article content
The plan will give better market access to companies that build vehicles in the country, Bloomberg has reported, though it’s not yet clear what exact mechanism will be used.
Article content
Article content
The Canadian auto sector has been roiled by the US trade war. Stellantis NV canceled plans to make its Jeep Compass in Ontario, keeping thousands of workers on layoff, while General Motors Co. is poised to cut a shift at a factory in the province on Friday, the Canadian Broadcasting Corp. reported.
Article content
Canada is pushing to extract maximum industrial benefits from the two top bidders for its submarine contract, Korea’s Hanwha Ocean Co. and Germany’s Thyssenkrupp Marine Systems. The deal for up to 12 submarines will be among the country’s most expensive military procurements, with Hanwha earlier estimating the price at C$20 billion ($14.7 billion) to C$24 billion.
Article content
English (US)