At the centre of the plan is what is being described as a “build, partner, buy” philosophy.

This means prioritizing buying from Canadian defence manufacturers. If that can’t be done, the next step will be to partner with allied nations to acquire the equipment, attracting investment and intellectual property rights to Canada.

“Only after exhausting these options will we buy from abroad,” Carney said. “Even then, we will ensure that the maximum benefits are returned to Canada throughout the value chain, including through a modernized industrial and technological benefits regime.”

The strategy sets the goal of awarding 70 per cent of federal defence contracts to Canadian firms within a decade. In a background technical briefing on Tuesday, senior defence officials said that currently, 43 per cent of federal defence contracts are awarded to Canadian firms.