Canadian trade mission returns to Korea for defense, ICT, energy cooperation

Canada's Ambassador to Korea Philippe Lafortune speaks at a Team Canada Trade Mission reception at Lotte Hotel Seoul in central Seoul, Wednesday. Korea Times photo by Anna J. Park

Canada is seeking to deepen economic and strategic cooperation with Korea, as its top trade official led a large-scale business delegation to Seoul for the first time in two years.

Maninder Sidhu, Canada’s minister of international trade, headed the Team Canada Trade Mission, which brought more than 110 companies from all 10 provinces to Korea for a four-day visit from late March to early April.

The delegation focused on key sectors including defense, aerospace, information and communications technology (ICT), artificial intelligence (AI) and energy transition, reflecting shared priorities in advanced manufacturing and supply chain resilience.

Korea is the first country the Team Canada Trade Mission has revisited since the program’s launch in 2023, following its previous visit in April 2024, according to the mission officials.

In his opening remarks, Canada’s Ambassador to Korea Philippe Lafortune underscored the importance of strengthening bilateral ties amid growing global uncertainty and during the transition to a clean and sustainable economy.

"Our two countries are important partners. We are connected by shared values, complimentary strength and a long-standing commitment to cooperation whether in advanced manufactures, clean technology, critical mineral AI or science and innovation," the ambassador said Wednesday during a reception welcoming the mission at Lotte Hotel Seoul.

"Over the course of the mission, Canadian companies have been engaging with Korean counterparts to explore new ideas, forge partnerships and expand commercial ties in one of Asia's most dynamic markets."

A major focus of the visit was defense cooperation, particularly Korea’s bid for Canada’s submarine project, estimated to be worth 44 billion Canadian dollars ($31.5 billion U.S.). Canadian officials held meetings with major Korean shipbuilders, including Hanwha Ocean and HD Hyundai Heavy Industries, signaling growing alignment in defense manufacturing and industrial capabilities.

Maninder Sidhu, Canada’s minister of international trade, delivers remarks at a Team Canada Trade Mission reception at Lotte Hotel Seoul in central Seoul, Wednesday. Korea Times photo by Anna J. Park

Speaking during the reception, Sidhu framed the mission against a backdrop of global uncertainty and shifting economic dynamics.

“The world is shifting; supply chains are breaking and being tested; alliances are being excruly taxed; and every country, every boardroom, every CEO and every trade minister is asking the same question who can we count on,” Canada's international trade minister said.

"As Prime Minister Carney said, middle powers have a choice in this moment, you can either be on the menu or you can be at the table, and Canada is certainly at the table and we are there because Canada has what the world needs."

Energy security and supply chain resilience also featured prominently on the agenda, with both sides discussing cooperation on critical minerals and clean energy. Sidhu pointed to Canada’s strengths in energy, critical minerals and advanced manufacturing, noting that these sectors underpin deeper cooperation with Korea, particularly in batteries, semiconductors and clean technology supply chains.

He also said Canada is becoming the "energy superpower for the world," highlighting growing exports of liquefied natural gas to Asia, including Korea.

"Canada is powering the world and Korea is one of the most important partners. It's the same story in critical minerals. Canada holds 31 priority critical minerals including 10 of NATO's 12 defense critical minerals. That's materials that build batteries, semiconductors, aerospace, advanced manufacturing," he emphasized. "We have built a G7 critical minerals alliance because trusted democracies need to secure these supply chains together."

More than 500 people attended the reception, including delegates from over 110 Canadian organizations as well as nearly 300 Korean government officials and business executives.

As Canada’s free trade agreement partner in the Indo-Pacific, Korea has seen bilateral trade with Canada double over the past 11 years, with goods and services trade now exceeding $25 billion. Korean foreign direct investment in Canada reached $12 billion in 2024, triple the level recorded a decade ago.