Canada is embarking on a historic increase in defence spending, with Prime Minister Mark Carney pledging to raise the defence budget to 5% of GDP, up from the current 2%. This move aims to meet NATO targets and respond to international pressure, particularly from the United States.
The significant investment is expected to modernize military infrastructure, including bases, submarines, and air-defence systems, while also driving innovation and growth in the Canadian economy. Experts argue that updating outdated procurement processes and fostering public-private partnerships will be crucial to realizing these ambitions.
The shift positions Canada as a more assertive player in global affairs and offers major opportunities for both established defence companies and startups.
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