Prime Minister Mark Carney announced a series of measures aimed at drawing $1 trillion in new investment to Canada over the next five years, telling hundreds of executives and global asset managers gathered in Toronto that the country is open for business.
Speaking at the inaugural Canada Investment Summit, Carney unveiled a “mega-deduction” tax measure that would let businesses write off new investments, along with a plan to seek private investment at the country’s four largest airports. The prime minister also said Ottawa would help finance a nationwide sovereign internet system.
Airports and Defence Draw Investor Interest
Finance Minister François-Philippe Champagne addressed concerns over the airport privatization plan, saying the federal government will study best practices used internationally and consult with workers and communities before finalizing any deals. Champagne acknowledged criticism of private airport operators in Australia but pointed to what he described as successful models in Europe, adding that Canadian pension funds already manage airports abroad. He said the same approach could work domestically.
Defence was also a focus of the summit. Carney has said Canada is on track to spend four per cent of its GDP on defence by 2030, and Defence Minister David McGuinty said the event gave the government a chance to promote its defence industrial strategy to potential investors. That strategy, announced earlier this year, is intended to create jobs and increase domestic production and maintenance of military equipment. McGuinty said officials used the summit to introduce a large number of sovereign wealth managers to opportunities in Canada’s defence sector.
Provinces Make Their Pitch
Quebec used the summit to highlight its position in Canada’s defence, energy, transportation and manufacturing industries. Quebec Finance Minister Eric Girard pointed to the province’s universities, talent pool, geographic location and renewable energy resources as competitive strengths.
Girard also said the summit served as a “wake-up call” regarding obstacles facing potential investors in Canada. He said he repeatedly heard from a U.S. investor about the difficulty of getting projects approved or even receiving a clear rejection on proposed private projects in Canada. Girard said the country needs to acknowledge that not all of its investment challenges stem from U.S. tariff policy.
Harper Closes Summit With Remarks on U.S. Relations
Former prime minister Stephen Harper delivered the summit’s closing remarks, saying the Carney government had “no choice” but to walk away from trade negotiations with the United States. Harper said Canada must reduce its reliance on its southern neighbour and pursue becoming an “energy superpower.” He said Canada’s greatest natural resource was the value it places on partnership and respect.
As the summit wrapped up, Carney was set to travel to France and address the European Parliament, carrying forward the investment pitch made to attendees in Toronto.
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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