Hanwha said its investment strategy is projected to contribute approximately $94.1 billion to Canada’s gross domestic product between 2026 and 2044. The company also estimated the initiative could generate $16.8 billion in tax revenue for federal, provincial and municipal governments.
The company projected a total opportunity value of $60.1 billion. This includes direct contributions to Canada’s submarine supply chain as well as indirect support for shipbuilding, energy, critical minerals and advanced technology sectors.
Hanwha said the programme could support approximately 22,500 jobs annually over an 18-year period through 2044. These roles would span manufacturing, maintenance and lifecycle support services.
The company said average salaries linked to the programme are expected to be between 17% and 28% above Canada’s national average. It said the project would help strengthen the country’s industrial workforce.
Hanwha has signed a binding memorandum of understanding with Algoma Steel. The agreement includes up to $345 million in investment to support a new structural steel beam mill in Sault Ste. Marie, Ontario.
The company said the partnership would help secure Canadian-made steel for submarine production and future maintenance infrastructure. Hanwha described the agreement as part of a broader effort to strengthen domestic supply chains.
Hanwha said it has engaged with more than 100 Canadian companies involved in defence, shipbuilding, manufacturing and digital technologies. The company has already signed more than 40 teaming agreements and memorandums of understanding.
Partners include Babcock Canada, CAE, MDA Space and Telesat. Hanwha said these agreements are intended to ensure strong domestic industrial participation.
The company has also signed agreements with the University of Toronto, University of New Brunswick, Dalhousie University and Mohawk College. These partnerships focus on artificial intelligence, digital maritime systems and defence technologies.
Hanwha said the academic partnerships are designed to help develop future talent for naval programmes. The company said the broader initiative would support closer cooperation between industry, universities and government institutions.
Source: Hanwha.
