Province Signs Memorandum of Understanding with Major Korean Company

A leading Korean company has signed a memorandum of understanding with the province, an agreement that may lead to new investment in Nova Scotia.

Premier Rodney MacDonald said Daewoo Shipbuilding and Marine Engineering is interested in exploring commercial opportunities in Nova Scotia in marine fabrication, offshore oil and gas exploration, and renewable energy.

"This agreement represents an investment opportunity for Nova Scotia and I want to thank the delegation from Daewoo Shipbuilding and Marine Engineering, in particular Mr. Koh, for their interest in our province," said Premier MacDonald.

"We have confidence that there are strong business opportunities in Nova Scotia and we look forward to collaborating with our Canadian partners," said Young Youl Koh, executive vice-president of Daewoo Shipbuilding and Marine Engineering. "Our company has accumulated extensive experiences in the area of shipbuilding and offshore projects and is a world-class global company."

Premier MacDonald said the agreement expresses the intent to explore economic opportunities beneficial to both parties. Daewoo representatives visited Nova Scotia in December and toured fabrication and other facilities.

The agreement is expected to foster co-operation between the parties and may lead to new jobs for Nova Scotians and new investments in the following areas:

• marine offshore structure fabrication projects, including research and development for related structures
• research and development of renewable energy resources, including the fabrication of renewable energy power plants
• research and development for heavy industry manufacturing
• exploration and development of petroleum resources from the Nova Scotia offshore, including drilling, production, installation, fabrication, processing, offshore transportation and other activities

The memorandum of understanding was developed by Daewoo Shipbuilding and Marine Engineering, the departments of Energy and Economic and Rural Development, and Nova Scotia Business Inc.