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South Korea's Defense Sector Loses Canadian Submarine Contract to Germany Amid EU Financing Push

2026-07-21 07:52:15

According to Yonhapnews on July 21, South Korea's defense sector recently lost a Canadian submarine procurement contract to Germany, amid a strengthening 'Buy European' sentiment and the European Union's low-interest financing program for EU member states purchasing European weapons. The EU's SAFE program, which provides low-interest loans to EU member states for purchasing European defense equipment, is cited as a decisive factor undermining South Korea's competitiveness in European procurement contracts.

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