That's a very good question. It's fundamental, because we're going to meet our 2% targets this year, which is an additional $9 billion. However, the ultimate target is 3.5% to 5% of military spending. These investments are necessary to protect the country.
As you know, the Standing Committee on National Defence must rectify 50 years of the Canadian Armed Forces being neglected. I can say that to you because I visited the Valcartier military base not far from my area. It's not just the big procurements that get a lot of news coverage; in many cases, the plumbing and the roof have to be redone too. I was flabbergasted by what I saw. Anyone who doubts the importance of investing in the Canadian Armed Forces should visit the military base closest to their area to see it for themselves.
Now, because we're going to invest significantly in our Canadian Armed Forces, it's essential that we see the economic benefits here at home. In the past, I think there's been a tendency, though it's sometimes justified because of interoperability issues, to turn to foreign, often American, suppliers to meet our defence needs. We also did it because we didn't necessarily have the capabilities here in Canada to provide what the forces needed.
The intention to establish a defence investment agency was applauded. As I mentioned earlier in another answer, all parties have been talking about this for years. This was identified as a good idea to put forward, an idea that requires a bit of political will and courage. I'm glad to see that we have the political will and courage to implement this initiative. Yes, this agency is intended to shorten procurement timelines, but it's also meant to forge ties with Canadian industry. We also have to see how we can help the industry develop a dual use nature, meaning civilian and military. Connecting with industry will certainly be part of the role the agency will have to play.
