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President Lee Jae-myung speaks during a public-private joint review meeting on mega projects held at the Blue House on July 6. / Courtesy of Yonhap News

President Lee Jae-myung stated on July 7 regarding the failure of Hanwha Ocean and HD Hyundai Heavy Industries to be selected as preferred bidders for the Canadian Patrol Submarine Project (CPSP), "Although we did not achieve the expected results in this Canadian submarine project, I believe we have once again clearly demonstrated our potential to the international community."

"The bold challenge of 'K-Defense' will march on," President Lee wrote on Facebook.

"Challenges bring both success and regret," President Lee emphasized, adding, "What matters most is that we do not stop, but steadily move forward."

He continued, "I am confident that today's experience will serve as a valuable foundation to further advance our technology and sharpen our competitiveness."

"The South Korean defense industry has established itself as a new growth engine watched by the world and a core industry for national competitiveness," President Lee assessed. "These achievements are the fruit of the hard work and sweat poured in together by countless researchers, engineers, entrepreneurs, and our service members."

He went on to say, "Above all, our submarines have proudly competed against global submarine powerhouses, proving their outstanding performance and technological prowess."

"South Korea will continue to challenge boldly moving forward," President Lee pledged. "From research and development to export support and strengthening international cooperation, the government will do everything in its power for the day our submarines safeguard peace and safety across the world's oceans."

He added, "July 8 is 'Defense Industry Day,' established to commemorate the day the Turtle Ship was first deployed in actual combat. I extend my deepest gratitude and respect to all industry personnel who have raised the status of 'K-Defense' by elevating South Korea's defense industry to a world-class level."

The Canadian government announced on July 6 (local time) that it had selected Germany's ThyssenKrupp Marine Systems (TKMS) as the final preferred bidder for the CPSP.

                                                                                                           Hong Sun-mi