SYDNEY (Kyodo) -- The Australian government signed on Monday a long-awaited contract for the nation's new fleet of submarines to be built by French state-owned shipbuilder Naval Group.
The A$50 billion ($35 billion) Future Submarine program will see 12 conventionally powered submarines built for the Australian Navy, with the first expected to be completed by the early 2030s.
Speaking at the agreement-signing in Canberra, Prime Minister Scott Morrison described the Attack class submarines as the "cornerstone" of a $90 billion National Shipbuilding Plan which will see 54 new naval vessels built in Australia.
"It's all part of Australia's biggest-ever peacetime investment in defense," he said.
In 2016, the Australian government chose to partner with France's Naval Group over bids from Japan and Germany.
With all 12 submarines to be built in Australia, the program is estimated to generate roughly 2,800 jobs per year.