Canada is a 'safe harbour' for global finance, Carney says
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Canada's Mark Carney tells a story about Trump gifting him a key to the White House.
Prime Minister Mark Carney is pitching Canada as a "safe harbour" for some of the world's largest investors in an era of geopolitical and economic uncertainty.
Canada is "perfectly situated to build in the new global economic order", he told more than 100 major investors being courted by Ottawa on Tuesday.
Carney has pledged to bring in C$1tn in investments in the next five years as he seeks to reduce Canada's reliance on the US, and the summit this week is a test of whether he can deliver on promises to strengthen economic resilience.
His aim is to have the group, representing more than C$120tn ($86tn; £64tn) of assets, invest in sectors like defence, energy, mining, AI and infrastructure.
More than 160 projects, from mines to data centres and pipelines, are on offer.
As its tariffs war with the US grows, Canada is seeking deeper economic partnerships with Europe, Asia and the Middle East and Carney has worked to raise its global profile.
Many of the business leaders attending the Toronto event received personal invitations from the prime minister, who worked in the top tiers of global finance and was a central banker before turning to politics.
"Our goal is simple: to make Canada the most attractive place in the G7 to invest," Carney said on Tuesday morning.
As part of that move, Carney announced plans to privatise operations for four of the country's largest airports, saying it would raise billions of dollars that could be reinvested in transport infrastructure.
Many developed countries allow some degree of private investment in airports, but Canada has lagged behind and its airports operate under a not-for-profit governance model.
The federal government will retain ownership of the underlying land and assets but allow private investments into airport operations, said Carney.
Labour unions have criticised the proposal, saying it will be bad for both workers and passengers.
Much of the action will take place in private sessions and bilateral meetings over the course of the day.
There will, however, be panels with speakers including Deutsche Bank AG CEO Christian Sewing, Bombardier executive Eric Martel, and BlackRock CEO Larry Fink and Blackstone president Jon Gray.
Carney gambles on the world's biggest investors betting on Canada Carney eyes 'unique alliance' with EU as trade war with US intensifies The prime minister's office has played down the likelihood of any major announcements coming from the summit, with Carney saying over the weekend it was chance for deep-pocketed financiers to "come to 'peer into our shop window'".
The event is also an opportunity for Canada to burnish its reputation as a good place to do business after years of lagging investment performance and a reputation for slow approvals of major projects.
"Time kills all deals," Carney conceded during morning remarks.
Economic analysts say Canada needs to make significant policy changes to help attract investment, including more competitive tax and regulatory systems, and ensuring a supply of skilled labour.
Protestors on Monday accused the Carney government of selling off the country Trade talks between Ottawa and Washington collapsed last month and the two countries have since imposed tit-for-tat tariffs.
On Tuesday, new US tariffs came into effect on a number of Canadian goods while some others were lifted, and bans on goods like alcohol and motorcycles are due to come into force next week.
Carney addressed the American executives in Toronto directly.
"To our American friends, let me say this.
We will always be neighbours, and Canada will continue to be the US's most important partner in many key areas," he said.
"After all, even at times of disagreement during our long history, we have always maintained deep ties."
Meanwhile, protestors on Monday accused the Carney government of organising a "great Canadian sell-off" of public resources and infrastructure to corporate interests, and hundreds appeared outside the opening night gala at a downtown museum. "Half the buyers that he has invited here to Toronto are American," said Kai Nagata, with advocacy group Dogwood, on Monday.
"Let's be clear, every piece of our country that we sell off to American billionaires brings us closer to becoming the 51st state."
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