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Publish Date : 22-Dec-2016

Australia has inked a major deal to procure a fleet of next-generation submarines from France, as Prime Minister Malcolm Turnbull hailed the vessels' "cutting-edge technology."

French Defense Minister Jean-Yves Le Drian signed the intergovernmental agreement (IGA) in Adelaide under which French shipbuilder DCNS will design and build the Shortfin Barracudas.

The total cost of the 12 submarines, including separate deals with U.S. and Australian contractors, will reach Australian $50 billion ($37 billion).

Turnbull said, "The IGA is the last foundation stone needed to ensure Australia is able to develop a cutting-edge sovereign submarine capability."

He added that the deal is a "critically important step in the development of our security, in the assurance of our government in delivering Australians the security and the prosperity that they need."

With most of the work on the subs to be carried out in Adelaide, Turnbull highlighted the number of local jobs to be generated.

He noted, "This will be a sovereign defense industry centered here in Adelaide creating 2,800 jobs at the very cutting edge of technology. Our future, our assurance, our security as a first world high wage generous social welfare net economy depends on the technology, the innovation, the skills that come from investments such as this. This is a key element in our economic plan.'

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