OTTAWA — Germany's defense minister assured that the German company competing for Canada's submarine contract can deliver on time and within budget. This week, defense ministers from Germany and Norway are in Ottawa to meet with Canadian officials as the government seeks a contractor to build a new fleet of submarines for its navy.

The two leading contenders for the contract are South Korea's Hanwha, which offers the KSS-III submarines, and ThyssenKrupp Marine Systems (TKMS), which is proposing its Type 212CD submarines. These submarines are currently under construction for Germany and Norway.

During a presentation to Canadian media, German Defense Minister Boris Pistorius stated that if Canada is interested, TKMS could manufacture some of the 212CD submarines or their components in Canada. His remarks come just before Prime Minister Mark Carney's upcoming trip to Asia, where he is expected to visit a Hanwha shipyard in South Korea.

Canada currently operates only four submarines, which are scheduled to be retired by 2035. This makes the procurement of new submarines a critical priority for the Canadian government as it works to secure replacements for its aging fleet. The outcome of this contract could significantly impact Canada's naval capabilities in the coming years.