South Korea's DAPA Chief Predicts 50-50 Chance for Submarine Deal with Canada

Lee Yong-cheol, head of South Korea's Defense Acquisition Program Administration, has indicated a 50-50 chance of securing a $40 billion contract to supply 12 submarines to Canada. South Korea is competing against Germany's Thyssenkrupp Marine Systems, with local firms like Hanwha Ocean and HD Hyundai Heavy Industries collaborating to enhance their bid. This deal is pivotal for South Korea's goal of achieving $20 billion in arms sales by 2030.

Published Mar 20, 2026

Lee Yong-cheol, head of South Korea's Defense Acquisition Program Administration (DAPA), estimates a 50-50 chance for South Korea to secure a contract to supply 12 submarines to Canada, with a project value of approximately 60 trillion won ($40 billion). A South Korean consortium is in competition with Germany's Thyssenkrupp Marine Systems.

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The South Korean government and defense firms, including Hanwha Ocean and HD Hyundai Heavy Industries, are coordinating efforts to support the bid. The outcome is crucial for South Korea's ambition to become a leading defense exporter, targeting $20 billion in arms sales by 2030.