Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Hanwha heir meets Polish president for $2.4 billion submarine deal
Hanwha Group Vice Chairman Kim Dong-kwan, front left, introduces Hanwha Ocean's submarine technologies to Polish President Andrzej Duda at the company's exhibition pavilion for the International Defence Industry Exhibition (MSPO) in Kielce, Tuesday (local time). Courtesy of Hanwha Ocean
By Park Jae-hyuk
Hanwha Ocean focuses more on sales of naval ships
By Park Jae-hyuk
Hanwha Group Vice Chairman Kim Dong-kwan met with Polish President Andrzej Duda, Tuesday (local time), at the company's exhibition pavilion for the International Defence Industry Exhibition (MSPO) in the Polish city of Kielce.
Kim informed Duda about technologies applied to Hanwha Ocean's 3,000-ton submarine, Jang Bogo-III Batch-II, according to the conglomerate, in an apparent attempt for the group's shipbuilding unit to defeat HD Hyundai Heavy Industries and other rivals in a bid to win orders from Poland to build a couple of 3,000-ton submarines, collectively worth around 10 billion zloty ($2.4 billion).
“Hanwha's total defense solutions for army, navy and air force will contribute to enhancing bilateral ties between the two countries and to their technological exchanges,” Kim said, according to the company.
The vice chairman is also said to have talked with the Polish president about joint production with the European country's defense companies, collaborating with local shipyards and doing maintenance, repair and operations (MRO) there.
In addition to Hanwha Ocean, the group's other arms manufacturing units ― Hanwha Aerospace and Hanwha Systems ― displayed their defense systems at the exhibition, amid the absence of HD Hyundai.
HD Hyundai did not open an exhibition booth, despite its participation in the bid for the Polish submarine project.
HD Hyundai President Chung Ki-sun, who has maintained a friendly rivalry with the Hanwha Group vice chairman, will be in Singapore this week to introduce the company's technologies for eco-friendly vessels to the participants of Gastech 2023, the world's largest meeting place for natural gas, hydrogen, low-carbon solutions and climate technologies.
Industry officials expect HD Hyundai to focus more on the commercial vessel market, which is larger and considered more lucrative than the naval ship market, while Hanwha will likely focus on selling warships, based on its experience and connections in the defense industry.
Although Hanwha Ocean opened a booth for Gastech, it remains uncertain whether the Hanwha Group vice chairman will make a surprise visit to Singapore. Hanwha Ocean said it sent CEO Kwon Hyek-woong and President Kim Jong-seo in charge of the merchant ship business to Gastech.
Hanwha Group's senior executives are also expected to join the business delegation led by Federation of Korean Industries (FKI) Chairman Ryu Jin, which will participate in the Krynica Forum in Poland between Sept. 13 and 15 to discuss cooperation with the European country in nuclear power, the defense industry and infrastructure.
The Polish president, who is an honorary sponsor of the forum launched last year, will attend this year's event for two days, according to the FKI.