Canadian Prime Minister Mark Carney is rolling out a sweeping Canada defence industrial strategy designed to unlock more than $500 billion CAD in investment over the next decade.
Under the plan, Canada will direct more of its expanding military budget toward domestic firms.
The government aims to more than triple defence industry revenue, increase defnce exports by 50 percent and create 125,000 jobs within 10 years.
A key part of the Canada defence industrial strategy is a goal to raise the share of military contracts awarded to Canadian companies to 70 percent.
The move marks a major shift for for Canada that has traditionally relied heavily on US contractors.
The strategy document states: “Long-held assumptions have been upended — about the end of imperial conquest, the durability of peace in Europe, and the resilience of old alliances,” adding, “It is more important than ever that Canada possess the capacity to sustain its own defense and safeguard its own sovereignty.”
Canada is undertaking its largest military buildup in decades as NATO members commit to spending five percent of GDP on defense and security by the middle of the next decade.
The plan also identifies aerospace, ammunition, digital systems, sensors and drones as priority areas to strengthen domestic supply chains.
