Honourable senators, I rise today during this historic year for Canada and Korea as we celebrate the sixtieth anniversary of diplomatic relations.

Canada and Korea have a long-standing history of strong diplomatic ties and trading partnership. The strength of the trading partnership was built through the foundational efforts of companies like POSCO, formerly known as Pohang Iron and Steel Company, which is South Korea’s first steel-making company and the fifth largest in the world.

POSCO was founded on April 1, 1968. In the 1960s, self‑sufficiency in steel would become essential to economic development. The Government of the Republic of Korea made the decision to invest in the steel industry, and, under the leadership of Park Tae-joon, POSCO was established.

It was a small venture at first: Production began in 1972 with 39 employees. Today, as I said, it is the fifth-largest company in the world. POSCO operates two integrated steel mills in South Korea — one in Gwangyang, and its headquarters in Pohang. POSCO has also expanded to Canada, the United States and other countries around the world with a diverse range of innovative projects and investments in green technology and energy that go well beyond steel production.

I’m pleased to recognize in our chamber today the presence of Haneui Do, President of POSCO America; Chigyu Cha, President of POSCO Chemical Canada; and Kun Youp Kim, HR General Manager of POSCO America.

Canada, Korea and the United States continue to build upon their shared history and friendship — a history that was forged on the battlefields of the Korean War as the United States, Canada and other UN allied nations came to Korea’s aid. This year also marks the historic seventieth anniversary of the Korean War Armistice, and honours the service and sacrifice of all those who fought for freedom and democracy.

Honourable senators, please join me in commending POSCO for the leadership, expertise and contributions they made to South Korea’s economy and trade, as well as their partnerships in Canada, the United States and around the world. Thank you.