New defence industrial strategy will jump-start investment, sector leaders and analysts say

Irene Galea

Pippa Norman – Innovation reporter

Ottawa’s new defence industrial strategy will give a boost to major public companies and champion earlier-stage enterprises by jump-starting private investment in Canada-based firms and helping them reach foreign markets, industry leaders and analysts say.

Autonomous-vehicle makers, space-based companies and munitions manufacturers are among those who stand to gain from the new strategy announced Tuesday, as Canada aims to reduce its reliance on foreign arms manufacturers.

Numerous small and large companies praised the strategy, though many said its success will ultimately depend on its execution. The strategy aims to more than triple Canadian defence-industry revenue, boost defence exports by 50 per cent and create 125,000 jobs over the next decade.

“This will help us attract investment, but it will also help us sell,” said Julie Angus, chief executive officer and co-founder of Open Ocean Robotics. “Early domestic procurement really creates global champions.”