Canadian Prime Minister Mark Carney is seeking to attract billions of dollars in global investment to Canada, a move intended to lessen the country's economic reliance on the United States amid ongoing trade disputes with President Donald Trump.
Carney is hosting the Canada Investment Summit in Toronto this week, convening approximately 300 CEOs and senior executives from major investment firms. These firms collectively manage over $120 trillion in assets, representing a significant pool of capital that Carney aims to tap.
"Canada is about so much more than being next to the United States," Carney stated. "We have what the world wants." He highlighted Canada's resources, including energy and critical minerals, its educated workforce, and trade agreements that provide access to approximately 1.5 billion global consumers.
Carney, who previously led the central banks of Canada and England and held positions at Goldman Sachs and Brookfield Asset Management, is leveraging his familiarity with the financial world to promote Canada. He asserted that investors attending the summit are doing so based on Canada's individual merits, not simply as an alternative to the United States.
While the summit is described as the largest gathering of investment decision-makers ever assembled in Canada, a Canadian official cautioned that significant deal-making is not expected immediately. The most impactful results are anticipated to emerge over the next 12 to 18 months.
The summit occurs at a critical juncture for Canada, following the collapse of trade talks on August 21. President Trump subsequently imposed 50% tariffs on about $20 billion in Canadian goods, leading to retaliatory measures from Canada. Washington further escalated the situation by announcing import bans on certain Canadian products and excluding Canadian companies from long-term U.S. government contracts.
These actions by the Trump administration are undermining a key attraction for foreign investors: predictable access to the U.S. market through continental free trade agreements. Carney and other business leaders are urging investors to look beyond the current trade disputes and increase their investment in Canada.
Carney is positioning Canada as a stable, rules-based alternative to what he described as an increasingly unpredictable United States. "Investors coming to Canada will find a country that respects rule of law and a country that is reliable," he said. "That combination is pretty rare in the world. And it’s an attractive combination."
He emphasized on Sunday that Canada's most significant asset is "trust," a quality he stated cannot be quantified on a balance sheet.
John Graham, CEO of CPP Investments, which manages Canada Pension Plan assets, is co-hosting the summit. He noted that "The conversation about Canada is changing" as the fund evaluates global investment opportunities.
The summit aims to connect global capital with major projects in sectors such as critical minerals, technology, defense, advanced manufacturing, and energy. Private meetings are being arranged to match investors with specific project interests.
Notable figures participating in the summit include BlackRock CEO Larry Fink and Blackstone President Jon Gray, who will lead a public discussion on global capital. Former Prime Minister Stephen Harper is scheduled to deliver closing remarks. Following the summit, Carney is set to travel to Europe to address the European Parliament, as Canada pursues a broader strategic partnership with the European Union.