The Surrey Board of Trade (SBOT) watched today’s announcement regarding the release of Canada’s new Defence Policy.
“Investments in the Canadian Forces and the Canadian Coast Guard will result in local economic spinoff activity that including the creation of new jobs and companies across the country,” said Anita Huberman, CEO Surrey Board of Trade. Huberman is also an Honorary Captain of the Royal Canadian Navy.
“The investment will enable Canada to better meet their obligations under NATO. Our military has been chronically underfunded in the past.”
The Industrial and Technological Benefits (ITB) Policy, also announced last month, requires successful suppliers to invest in Canada an amount equal to the defence contract that they have won. The required investment in Canada will also result in economic spin-off activity.
- The Canadian aerospace and defence sector supports more than 240,000 jobs and contributes $31 billion annually to Canada’s gross domestic product.
• The Canadian defence industry includes over 650 firms, supports the employment of more than 63,000 full-time workers and contributes $9.4 billion in revenue. The sector employs highly skilled workers in high-quality jobs.
• Since 1986, Canada’s ITB Policy (and previously the Industrial and Regional Benefits Policy) has contributed almost $40 billion to Canada’s gross domestic product. These investments have led to good jobs for Canadians across the country.
In the 20-year plan:
- Add 5,000 regular and reserve personnel,
2. Buy a fleet of 88 fighter jets,
3. 15 military vessels called surface combatants, among other details announced by National Defence.
4. Canada’s new defence policy includes $62.3-billion in additional spending over the next 20 years, including a total of just $6.6-billion over the next five years. This represents a boost in Canada’s annual military budget of more than 70 per cent by 2026-2027.
5. Overall, National Defence is planning to add 3,500 members to its regular force (currently at 68,000) and 1,500 to its reserve force (currently at 28,500).
“Strong, Secure, Engaged is fully costed, and it’s fully funded,” Defence Minister Harjit Sajjan said in a statement. “It is a sign of the government of Canada’s commitment to providing our women and men in uniform with the care and equipment that they need, and it places the Canadian Armed Forces on a solid footing going forward.”
The 113-page document is based on a growing and evolving global threat, as well as the potential retrenchment of Canada’s main military ally, the United States, from a number of multilateral institutions.