SEOUL: South Korean conglomerate Hanwha Group aims to ​create at least 200,000 jobs in Canada by 2040 ⁠through cooperation across various sectors including shipbuilding, the company said, ⁠as it seeks ‌to win a fiercely contested submarine contract.

Hanwha, whose businesses span defence to shipbuilding, will invest ⁠in Canadian industries ranging from shipbuilding to steel, artificial intelligence and aerospace, according to a statement released on Friday.

The company did not disclose the ⁠value of the ​long-term investment or give further details.

Hanwha is one of two finalists - alongside ‍warship builder TKMS - in a tender to supply Canada with ​a new fleet of submarines, estimated by industry sources to be worth more than $12 billion.

Earlier this week, TKMS CEO Oliver Burkhard told Reuters that the German company is in talks with Norwegian and German companies to offer a multi-billion-dollar investment package to Canada, in an effort to win the tender for submarines.

Hanwha has been ⁠expanding its footprint in North America, ‌including by acquiring the Philly Shipyard in the United States and committing to an additional $5 billion investment - ‌a move ⁠publicly backed by U.S. President Donald Trump. (Reporting by Heejin Kim; ⁠Editing by Chris Reese, Ed Davies)