From Financial Post · Naim Karim · · 50s
BMO CEO warns Canadian defence spending math doesn't add up
BMO CEO says Canadian defence companies lack readiness for $500bn spending plan.
In brief
BMO CEO says Canadian defence companies lack readiness for $500bn spending plan. BMO CEO Darryl White warns that without existing Canadian defence companies, Ottawa's $500 billion defence spending plan won't work mathematically. Originally reported by Financial Post.
BMO CEO warning
BMO CEO Darryl White says Canadian defence companies lack readiness for Ottawa's $500 billion spending plan.
“If you are going to have 70 per cent of the procurement directed at Canadian companies, a lot of those companies don’t exist yet”
Defence spending target
Canada aims to spend $500 billion on defence over the next decade to meet NATO's 5% gdp pledge by 2035.
Company growth
Canadian defence industry members rose from 600 to over 1,700 in two years according to BMO.
Banking support
BMO appoints Michael Bonner as enterprise chair for Canadian Defence Sector to link government and industry.
Economic challenges
BMO CEO warns of ongoing economic volatility despite client adjustments to trade tensions.
The bottom line
BMO CEO Darryl White warns that without existing Canadian defence companies, Ottawa's $500 billion defence spending plan won't work mathematically.
