What Happened
Canada Seeks to Enhance Defence Sector Growth and Investment
Bank of Montreal CEO Darryl White is calling on the Canadian government to provide more support for defence businesses, including clearer procurement timelines and contract visibility. BMO is expanding its defence sector growth strategy and has appointed a new chair to co-ordinate these efforts. The move comes as Canada aims to increase its defence spending to 5% of GDP by 2035, which could generate significant economic impact. According to The Globe and Mail, this investment could boost annual growth by an average of 0.2 percentage points over the next decade.