Prime Minister Mark Carney announced Canada’s new defence industrial strategy in Montreal, aiming to reduce dependence on U.S. defense spending, which currently accounts for 75% of Canada’s defense capital. The government is investing $6.6 billion over five years to enhance sovereign capabilities in key sectors and aims to increase Canadian defense procurement from 30% to 70%. The strategy is expected to create 125,000 jobs and generate $125 billion in economic benefits by 2035, facilitated by the newly formed Defence Investment Agency. Legislation will be introduced to establish the agency as a standalone entity.
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