HAMILTON, Canada

Canadian Prime Minister Mark Carney on Tuesday unveiled the first-ever Defense Industrial Strategy, outlining more than $500 billion in planned defense-related investments over the next decade, aimed at strengthening national security, expanding domestic industry, and creating high-paying jobs across the country.

"In total over the next decade, Canada will invest $180 billion directly in defense procurement, $290 billion in defense and security-related infrastructure, and create over $125 billion in additional downstream economic benefits," Carney said at a news conference in Montreal, detailing the scale of the initiative.

He highlighted the importance of leveraging Canada's existing defense sector, and said: "The Canadian defense industry is already employing more than 80,000 Canadians directly and many more indirectly."

"We must absolutely maximize the yield of such investment of more than $500 million in order to strengthen our security, improve our jobs, multiply jobs and protect our sovereignty," he added.

Noting that "this means more than just increasing the size of our military," Carney stated that "it also means the strength of our industries, the resilience of our economy and our capacity to act independently when it matters the most."

Carney also explained that the defense industrial strategy is "a bold plan to get our Armed Forces what they need when they need it. It's a bold plan to scale Canadian defense companies and to put hundreds of billions of dollars into strategic sectors of our economy, while creating over 125,000 high-paying jobs across Canada."

According to a statement by the Prime Minister's Office detailing the strategy, Canada aims to increase its "defence exports by 50%, raise the share of defence acquisitions awarded to Canadian firms to 70%, and grow Canadian defence industry revenues by 240%."

"Within a decade, we will raise maritime fleet serviceability to 75%, land fleets to 80%, and aerospace fleets to 85% to bolster Canadian defence," it said.

Meanwhile, Carney said the strategy's framework is "simple: build, partner, buy," prioritizing Canadian firms and cooperation with allies.

"The centerpiece of our new approach is the Defence Investment Agency, or DIA," Carney said.

Noting that assumptions on Canada's policies in terms of defense and foreign affairs "have been completely upended," Carney said: "Danger is closer to our borders, and this is a more divided world, and Canadian leadership will be defining itself, not only through the strength of our values, but also the value of our strength."

He explained that the country is on track to meet its "2% NATO target by this spring, a full decade ahead of the previous schedule," and "recruitment to Canadian Armed Forces are up 13% since June."

"Our Canadian Armed Forces will be backed by a resilient Canadian defense industrial base. Every dollar will be spent to maximize jobs, careers and industries right here in Canada," he affirmed.

When asked about joining the US-proposed "Golden Dome" missile defense system, Carney said, "We are exploring the next phase of that defense with the United States, and that could include what’s called the Golden Dome."

He said talks with US officials on the missile defense system are "going well. It's under development."

"If it’s in the right interests of Canada, and I think there are certainly many scenarios where it will be in the right interest of Canada, we will be a willing participant," he added.

Asked whether the strategy would reduce the share of Canada's defense capital spending that goes to the US, a share he previously said amounts to three-quarters, Carney said, "There are many strengths to this partnership that we have with the United States."

"But it is a dependency, and it's a dependency when we want to change in a positive way by building up our defense capacities here and our other partnerships abroad," he added.

Relations between Canada and the US have been strained since US President Donald Trump imposed tariffs on Canadian goods and later halted trade talks because of an anti-tariff advertisement aired in the US.