Prime Minister Mark Carney has unveiled what the federal government calls Canada’s first comprehensive Defence Industrial Strategy, aimed at strengthening national security while growing the domestic defence sector.
Announced in Montréal, the strategy outlines more than half a trillion dollars in defence related investment over the next decade. The government says it will prioritise Canadian suppliers, streamline procurement processes and reduce reliance on foreign manufacturers.
Ottawa says the plan positions Canadian industry to compete for approximately $180 billion in defence procurement and $290 billion in capital investment opportunities over 10 years. Officials project up to 125,000 high paying jobs could be created and defence exports could increase by 50 per cent.
Central to the strategy is the new Defence Investment Agency, which the government says will act as a single point of contact for defence procurement and investment, cutting red tape and accelerating project delivery.
The strategy includes a $4 billion Defence Platform through the Business Development Bank of Canada, a $379 million Regional Defence Investment Initiative, investments in drone research and dual use technologies, and a new Canadian Defence Industry Resilience Program.
The government says it is on track to reach its 2 per cent NATO spending target this fiscal year and intends to raise defence spending to 5 per cent of GDP by 2035.
Federal officials describe the strategy as both a national security initiative and an economic growth plan designed to reinforce Canada’s sovereignty and strategic autonomy.
(Written by: Joseph Goden)