Prime Minister Mark Carney’s Canada Investment Summit wrapped up its second day in Toronto with the Prime Minister’s Office reporting close to $500 billion in new investment commitments, though the bulk of that money appears to be coming from within Canada rather than abroad.
The two-day event, held Monday and Tuesday, brought together fund managers overseeing more than $120 trillion in assets from as far away as Australia and Singapore, along with participants from the United States. Attendees were there to examine Canadian infrastructure projects such as pipelines, ports and transportation networks, as well as opportunities in the country’s resource sector spanning energy and critical minerals.
Banks and Pension Funds Lead Commitments
According to the PMO’s tally released Tuesday, Canada’s Big Five banks pledged about $325 billion in new financing for domestic businesses and infrastructure. Major pension funds, insurers and institutional investors committed nearly $100 billion more to Canadian assets, including a $50 billion Maple Fund launched jointly by CPP Investments and Brookfield Asset Management.
Other commitments included Power Sustainable’s pledge to invest and mobilize more than $10 billion for Canadian infrastructure, and Radical Ventures’ $4 billion Radical Breakouts Fund aimed at supporting Canadian artificial intelligence scale-ups. Bell Canada also announced plans to expand its AI infrastructure hub in Saskatchewan with a $52.5 billion investment, which organizers described as the largest private investment in the province’s history.
The federal government has set a target of catalyzing $1 trillion in investment across Canada over five years, and the summit was designed to showcase domestic opportunities to global capital.
Royal Bank of Canada chief executive Dave McKay, speaking at a press conference at the summit, said Canada’s growth could come from two directions: normalized trade with the United States and the kinds of infrastructure projects discussed at the event. He said Canada still needs a trade agreement with Washington, noting that uncertainty over trade rules has caused significant investment to be paused. McKay said he met with investors from the Middle East, Southeast Asia and the United States during the summit and expects to close some of those deals in the coming quarter.
McKay also pointed to Ottawa’s announcement that it is expanding a tax write-off program for capital investment, which would cut one of Canada’s tax rates to among the lowest in the world. He described the announcement as consequential, saying it drew a notable reaction in the room.
Carney Eyes Trade Deals With India, ASEAN
Carney told the summit he intends to finalize trade agreements with India and the Association of Southeast Asian Nations within six months, part of a broader goal of doubling the number of consumers Canadian businesses can reach tariff-free to three billion.
KPMG chief economist Ali Jaffrey said in an interview that whether such deals get used matters more than whether they get signed, noting Canada’s existing global market access has not always translated into results in those regions. Jaffrey said the goal is achievable if the agreements are comprehensive, but cautioned that businesses oriented toward the U.S. market may struggle to pivot quickly toward destinations like Jakarta, Singapore or New Delhi. He said the government would need to help companies gain access to those markets.
Carney also said he still believes a mutually beneficial trade deal with the United States remains possible, telling a news conference that Canada is ready to pursue one provided there is clear alignment of interests and a workable sequence for implementation.
Foreign Investors Signal Preference for Local Partners
Dilhan Pillay Sandrasegara, chief executive of Singapore’s Temasek Holdings, said his fund could pursue direct investments in Canada but only in partnership with a Canadian institutional investor, calling it unwise to enter a market without a strong domestic partner where Temasek has not already invested significantly.
Speaking on a panel moderated by Mark Wiseman, Canada’s ambassador to the United States and former head of CPP Investments, Sandrasegara said Canada’s opportunity lies in fostering greater collaboration among foreign investors, including firms such as APG, BlackRock and Blackstone, whose executives also appeared on the panel. He said such partnerships could help create more vibrant private and public markets, adding that catalytic moves are needed to draw capital into the country.
This article is for informational purposes only and does not constitute financial, investment, or legal advice. Consult a licensed financial advisor before making investment decisions.
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