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Prioritizing defence projects will both address emerging threats and create the conditions needed for economic growth and social development, said Harry Culham. (Credit: ANDREJ IVANOV\/AFP via Getty Images) <\/p>\n Prioritizing defence projects will both address emerging threats and create the conditions needed for economic growth and social development, said Harry Culham. (Credit: ANDREJ IVANOV\/AFP via Getty Images) <\/p>\n
Ottawa\u2019s push to expand its defence sector<\/a> is one of the most significant financing initiatives in Canada\u2019s history, says the head of Canadian Imperial Bank of Commerce<\/a>.<\/p>\n \u201cLet me be clear: we recognize the urgency of this moment,\u201d Harry Culham said at a CIBC defence summit on Wednesday. \u201cThis presents a once-in-a-generation opportunity to invest in our economy.\u201d<\/p>\n He also said investments would extend beyond the traditional forms of defence.<\/p>\n \u201cThey include dual-use infrastructure \u2014 airports, seaports, energy and critical roads connecting our North \u2014 as well as advancements in cybersecurity, digital solutions and artificial intelligence,\u201d he said.<\/p>\n For example, Culham said prioritizing projects that enhance the Arctic\u2019s defence capabilities<\/a> both address emerging threats and create the conditions needed for economic growth and social development.<\/p>\n Such investments could also pour money into Canada\u2019s mining sector, he said, since the country produces 10 of the 12 materials designated as critical for defence equipment by the North Atlantic Treaty Organization.<\/p>\n \u201cBy investing in these areas, we are not only protecting our institutions, but also positioning Canada as a global leader in technology and intellectual property,\u201d he said.<\/p>\n The federal government\u2019s budget last fall pledged to spend $81.8 billion on defence over five years. The sector already comprises about 600 defence companies and 81,200 jobs and contributes more than $9.6 billion in gross domestic product (GDP) to the Canadian economy<\/a>.<\/p>\n Canada will also be the headquarters of a new multinational Defence, Security and Resilience Bank<\/a>, an institution focused on financing defence-related projects<\/a>.<\/p>\n The government said in a statement last year that it wants to \u201cdramatically expand\u201d Canada\u2019s defence capacity and add up to 125,000 jobs in the sector over the next decade.<\/p>\n