Canada to decide between German, South Korean submarine bids on Monday
Summary
Canada will soon decide between two bids to build 12 new submarines. The two companies competing are Germany’s ThyssenKrupp Marine Systems and South Korea’s Hanwha Ocean, and the decision is expected around the time Prime Minister Mark Carney visits a military base and heads to a NATO summit.Key Facts
- Canada wants to build 12 new submarines powered by conventional diesel-electric engines.
- The two bidders are Germany’s ThyssenKrupp Marine Systems and South Korea’s Hanwha Ocean.
- The submarines contract is worth tens of billions of dollars, making it one of Canada’s largest military purchases.
- Canada’s current fleet of four Victoria-class submarines is almost unusable.
- The announcement is expected before Prime Minister Carney goes to a NATO summit in Turkey.
- Both companies promise job creation and investment in Canada if they win.
- Canada has committed to increasing its defense spending to 5% of GDP by 2035 to meet NATO goals.
- South Korea’s Hanwha recently demonstrated its KSS-III submarine with a trans-Pacific voyage.
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