Carney Starts New Defense Agency, Names RBC’s Guzman to Lead It

Prime Minister Mark Carney has announced the creation of a new Defense Investment Agency to strengthen Canada's domestic manufacturing capabilities and accelerate the modernization of the Canadian military. The agency will focus on sectors such as steel production, which have been adversely affected by U.S. tariffs. To lead the agency, Carney has appointed Ramón Guzman, a senior executive from the Royal Bank of Canada (RBC). Guzman's expertise in finance and strategic investments is expected to drive the agency's efforts to bolster Canada's defense manufacturing capacity and support the government's broader plan to rearm the military. The establishment of the Defense Investment Agency is part of Carney's broader strategy to strengthen Canada's economic resilience and national security in the face of global trade tensions and geopolitical uncertainties. By investing in domestic production and military capabilities, the government aims to create jobs, enhance Canada's self-sufficiency, and ensure the country's armed forces are equipped to address emerging security challenges.