00:00Before we talk about your trip to South Korea, I'm just wondering, no end in sight to this Iran war
00:07beyond perhaps even the two to three weeks that President Trump stipulated.
00:12I'm just wondering what it means for Canada if this war persists.
00:18It's a great question. Look, supply chains are being tested right now, as you know,
00:22with the global energy prices increasing here in Seoul.
00:25The conversation has been around energy and what more Canada can do.
00:28And as you know, Canada is a reliable, stable supplier of energy.
00:32You know, if you look at crude oil, LNG, but also nuclear capacity, we have all that.
00:37And so we're getting a lot of calls these days from countries all around the world for more of our
00:42energy supplies.
00:42And we're going to be there to support that.
00:46The question really is to what extent Canada can fill that gap?
00:52Yeah, I mean, look, if you look at what the projects that we have in the pipeline,
00:55we have LNG Canada one, we have roughly six projects in various phases of development.
01:01And so we are increasing our capacity to fill some of that gap.
01:05But again, investors that are calling us now from all around the world are saying,
01:09how can I get in the next project?
01:11How can I secure, you know, the next 10, 20, 30 year supplies in LNG, in crude oil and in
01:17nuclear?
01:17And so those are the conversations that we're having.
01:19Of course, we're ramping up quite quickly through our major projects office.
01:22And we have about $96 billion of investments pouring in just last year alone.
01:27That's important to put that into context, Hazlinda.
01:30It's the highest amount in 18 years.
01:32And so you're seeing this seriousness from investors to invest in Canada.
01:36And we're driving that hard through government policy as well.
01:40Minister, we know for the short term, there is little Canada can do to ramp up production.
01:45But for the longer term, do you think this Iran war could push Canada to become perhaps an energy superpower?
01:52What are the plans, if there is such a plan?
01:57Well, there was already a plan in place before this turmoil.
02:01We were obviously, we formed government last year.
02:03We brought in our major projects office.
02:04But we also brought in legislation to get projects built faster in Canada.
02:08That's energy, mining, infrastructure projects permitted within two years,
02:12working with our provinces, territories and indigenous communities.
02:15And so this is why you're seeing that demand of investors pouring into Canada.
02:19We've got six projects on the line that are being built up.
02:23But if you look at where we came from last year alone,
02:26traditionally, most of our energy supplies were going to one particular country.
02:29Last year in June, that changed.
02:31We had LNG Canada 1 that came online.
02:34And since then, and from Kitimat, BC, we've got 50 shipments that have already been sent out to the Asian
02:39markets,
02:40including many here in South Korea.
02:41And they're ramping up their production.
02:43They're hoping to do a phase two of that.
02:45Once phase two is developed and built for LNG Canada 2,
02:48that will be the second largest LNG facility in the world.
02:52So Canada is really ramping up.
02:55We heard from President Trump just today that, you know,
02:59he was urging countries not to rely on Middle Eastern supply of oil.
03:04He talked about how the world should rely on the U.S. instead.
03:08Where does Canada fit into that oil supply chain, you think, in the coming years?
03:15Well, I think Canada has a advantage, a very competitive advantage.
03:19If you look at our transit times to the Asian markets from the Gulf of Mexico,
03:24it's almost double or triple the transit time from Canada,
03:26from our West Coast and British Columbia to Asian markets.
03:29It's 10 days.
03:30Our prices are very competitive.
03:32And so when you look at where Canada stands in world energy production,
03:37we are there.
03:38We're ramping it up.
03:39But we're also very competitive.
03:40And this is why the conversation even here in South Korea is around energy.
03:44As you know, COGAS is one of the largest natural gas companies in the world.
03:48They've invested in LNG Canada 1.
03:50They're looking at LNG Canada 2.
03:52And these are conversations wherever I go in Asia.
03:54I was just in India a few weeks ago with the Prime Minister, Prime Minister Carney,
03:58where we had a great conversation with Reliance Industries on Canada's energy capacity.
04:02And they're also looking at opportunities in Canada.
04:05Because as you know, as Asia grows, particularly in building out data centers,
04:10there's a focus here in Korea on AI.
04:12They need energy to power that growth.
04:14And we're going to be there to supply it.
04:17Speaking of Prime Minister Carney, he had a conversation with President Trump today.
04:22What transpired?
04:23Is there anything you can share with us?
04:27Yeah, I mean, look, they talk from time to time.
04:30And today was a celebratory moment for Canada.
04:33Our astronaut Jeremy Hansen, which is the only Canadian as part of the mission to the moon,
04:37was there.
04:38So that was part of the conversation.
04:39But again, coming back to the U.S., they are our number one trading partner.
04:43They're an important trading partner.
04:44And so, you know, those conversations will progress.
04:46My job as the Minister of International Trade is to look beyond North America.
04:50And the world has, you know, the world is looking to Canada.
04:53And we have a lot to offer.
04:54And this trip alone, we signed over a billion dollars of commercial deals.
04:58One particular example I'll give you is Prairie's Lithium,
05:01which is a resource provider in Saskatchewan, Canada,
05:06partnering up with a Korean technology company here to further process and refine lithium.
05:10Once commercialized, it will be the only processing lithium facility in North America.
05:17And so that's just one deal.
05:18But there's many more signed on this trip as I'm leading this trade delegation in cybersecurity,
05:23in blockchain and others.
05:25And so to me, this is about making sure that Canada is there.
05:28And it's really presenting Canada as a stable, reliable trading partner.
05:31And you're hearing that from partners all around the world as you're seeing these influxes of energy.
05:36People are turning to Canada saying, look, Canada is reliable.
05:39Let's talk to Canada.
05:40And those are the conversations that we're having.
05:42Minister, talk to us about the deals you're signing in Korea.
05:45We know that you've been meeting with a lot of the companies there.
05:49Can you specify which companies in particular and what deals
05:52and the kind of investment they're looking to make in Canada?
05:57Absolutely.
05:58Look, Korea is the largest companies we've sat down with.
06:02Hanwha, Hyundai, Kogas, Samsung, LG.
06:06And so those are companies that we're looking to do more partnerships with.
06:10I just mentioned Kogas as an investor in Canadian LNG project in Kitimat, B.C.
06:15They're looking to do more.
06:16But again, coming back to the commercial deals, it's about energy, but it's also about critical minerals.
06:20And as I just said, the Prairie's Lithium Project is very important to Canada.
06:25As you know, Prime Minister Carney launched the Critical Minerals Alliance at the G7 in June
06:29to really focus in on supply chain resiliency.
06:32And so that's what we're doing with like-minded partners, including our partner here in Korea,
06:36to talk about what more we can do.
06:37We're very blessed with resources.
06:39But of course, the technology partnerships need to be there with Asian countries.
06:42And that's some of the deals that are coming out of this trip.
06:46Defense is also one area.
06:48And we know that there is a submarine deal in store.
06:51It is currently with the government.
06:53I know you can't talk too much about it.
06:55But at a macro level, is it more difficult for Korea to actually, you know, get this submarine deal
07:02because it is not part of NATO?
07:03We know you are.
07:05Germany is.
07:06Is that a consideration?
07:10Look, as you know, the deal is being reviewed.
07:12So it's prudent that I don't talk about the deal.
07:13But what I can talk about is the broader defense relationship that we have with Korea.
07:18It's a partner that we've recognized as a trusted ally for Canada.
07:23We've signed technology transfer agreements with the Korean government.
07:26We have a free trade agreement that's been around for close to 11 years.
07:29Trade has doubled since then, $25 billion.
07:32And so the conversation here is I brought along dozens and dozens of defense companies from Canada
07:36is to collaborate, is to cooperate with many of the defense industries here in Korea.
07:41There are many things that Korea has that Canada does not have.
07:44But at the same time, we have a defense industrial strategy that we just launched in Canada,
07:48an investment over $80 billion.
07:50And to put that into context for your viewers, Hasselinda,
07:53that's the largest investment that Canada has made since the 1950s in defense.
07:57And so there are many opportunities that we have.
07:59But it's about bringing in those industrial capabilities to Canada,
08:03but partnering up with technology with our Korean partners here.
08:07And so those are the conversations that we're having,
08:09is utilizing supply chains in both countries to make sure it works for our citizens.
08:14You said earlier you were in talks with Hyundai Motor.
08:17We know that you would like a Hyundai Motor auto plant in the country.
08:21I'm just wondering, what's the reaction been from Hyundai Motor,
08:25considering that all vehicles made in Canada will be subjected to terrorists from the U.S.?
08:33I think the conversation is about what more can we do.
08:36Yes, it's about consumer autos, but it's also about buses and trucks and their hydrogen technology.
08:42And so that's where Canada can excel.
08:44As you know, here in Korea, they've really advanced in their hydrogen technologies
08:49because they've invested for decades.
08:51And Canada is looking to make those same investments in Canada for hydrogen buses
08:57to make sure that they're operating.
08:58As you know, in the climate that we're in Canada,
09:01sometimes electric vehicles are, you know, they don't have the same range.
09:06And so we're hearing from our municipalities that we're, you know,
09:09it's good to look at other technologies.
09:10And so that's what we explored with Hyundai Motors as well.
09:14Minister, before we let you go, I mean, this is a significant trip.
09:18How should we assess the success of this trip in the coming months?
09:24Yeah, look, these trips, when I bring out delegations of, you know, hundreds of Canadians,
09:28it's about securing commercial deals.
09:30And that's what exactly what we did here in Korea.
09:33Over a billion dollars of commercial deals, you know, confirmed.
09:36But I'm also coming back to the region.
09:38I'll be back in Japan around June 22nd with another large delegation.
09:43And so this really shows the demand for Canadian capabilities in various sectors,
09:47aerospace, defense, advanced manufacturing, AI, and more.
09:51And so we're going to be out there pitching Canada the calls that we're getting.
09:54The prime minister has always said that middle powers need to come together,
09:57need to work together.
09:58And that's exactly what we're doing, putting those words into action on the ground here on these trips.
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