Defence strategy aims to bolster Canadian businesses

Amid an ocean of economic uncertainty, Canada’s defence industry has emerged as a lighthouse for businesses seeking secure funding sources.

This week, the federal government announced its new Defence Industrial Strategy that includes $357.7 million for a Regional Defence Investment Initiative. In BC, PacificCan to distribute $67.5 million over the next three years. Applications for commercial projects open April 1 and close March 31, 2028.

“This scale of new funding is unprecedented, but the true measure of success will be how these dollars translate into real operational readiness, modernized equipment and a stronger Canadian Armed Forces,” Canadian Chamber Vice-President of Government Relations David Pierce said. “Canadian businesses hold the expertise in world-class advanced technology, cybersecurity, AI and quantum to deliver this strategy in real terms. To do this, the government must address long-standing issues plaguing our defence procurement system — from contracting times that cause project delays to security clearance challenges — as well as provide a clear sense of the required technology or goods to help more companies participate or bid.”

In Greater Victoria, the presence of Canada’s Pacific Fleet at CFB Esquimalt could serve as a catalyst for investment in the region.

“Canada’s Armed Forces have long played an important role in our region, and I look forward to working with businesses on initiatives that can leverage this new federal funding,” Chamber CEO John Wilson said.