The Alberta government has signed a memorandum of understanding with South Korean conglomerate Hanwha Group, aiming to bolster investment in the province’s energy, manufacturing, and defence sectors.
Read more: Redefined Yoga finds new home, builds community in wellness space
The deal, announced Tuesday, establishes a non-binding framework for long-term commercial partnerships and expertise sharing. It marks the first time Hanwha — one of South Korea’s largest business entities — has signed such an agreement with a Canadian provincial government.
“Alberta is earning the attention of global partners because we deliver results,” Premier Danielle Smith said in a statement. “This agreement with Hanwha Group creates new opportunities to bring investment into our province, grow high-value industries and support good-paying jobs.”
The partnership will focus on several key areas where the province is looking to expand its global footprint:
- Energy Security: The agreement supports Alberta’s goal of doubling oil production by 2035 and expanding its hydrogen economy.
- Defence and Aerospace: Collaboration will explore strengthening Alberta’s role in global defence industrial supply chains.
- Advanced Manufacturing: The framework includes potential cooperation in shipbuilding and high-tech manufacturing.
Joseph Schow, Minister of Jobs, Economy, Trade and Immigration, said the move positions Alberta as a “trusted partner” for international investment and supports economic diversification.
Hanwha Group’s involvement will include several of its major subsidiaries, such as Hanwha Ocean, Hanwha Energy, Hanwha Power, and Hanwha Aerospace. Hanwha Energy is already exploring specific opportunities regarding hydrogen production and export within the province.
“This partnership reflects a long-term view of Canada — not only as an energy partner, but as a strategic industrial counterpart,” said Jae-Kyu Lee, CEO of Hanwha Energy Corporation.
Lee added that the alignment of capabilities in energy and high technology will contribute to Canada’s “industrial capacity and economic resilience.”
The memorandum of understanding follows ongoing efforts by the provincial government to attract international capital and secure trading partners for its natural resources.
Read more: Saskatchewan funds new Missing Persons Week events
