2/11, 7:09 AM (Source: TeleTrader)
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Australia, France ink $50B strategic partnership

Australia and France signed a $50 billion "strategic partnership" on Monday that will see a French state-backed company build 12 state-of-the-art submarines for the former, according to various media reports.

The partnership - which represents Australia's largest-ever peacetime investment in defense - will involve the construction of 12 highly-advanced and modern submarines which will be built by France's Naval Group, a state-backed consortium previously termed the "naval Airbus." The project will be as significant for the French company as it will be for Australia, as it will be their largest-ever foreign sales deal. The first submarine is expected to be completed in the early 2030s.

Breaking the News / DZ