Federal Industry Minister Mélanie Joly says she expects major foreign investment funds to announce agreements at this week’s Canada Investment Summit in Toronto, adding that discussions with several investors have been underway for months.
In an interview with The Globe and Mail, Joly said she is confident the two-day event, set for Monday and Tuesday at Toronto’s Four Seasons Hotel, will produce at least memorandums of understanding signalling investor intent, even if formal due diligence still needs to follow.
“I’m confident that we can be able to reach deals. There’s lots of interest,” Joly said. “Now I’m confident that we can get to MOUs, so intent of investment. Of course, then there will be work to be done on the due-diligence side, which makes sense.”
Summit Brings Together Global Investors
Prime Minister Mark Carney first announced the summit in April, framing it as part of a broader push to attract investment for what his government calls nation-building projects and to reduce Canada’s economic reliance on trade with the United States. The federal government is co-hosting the event with two of the country’s largest pension funds, the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board.
The guest list includes investors from the United Arab Emirates and the broader Persian Gulf region, a group Carney has actively courted. The China International Capital Corporation and China Investment Corporation are also expected to attend.
As the minister responsible for the Investment Canada Act, Joly oversees the rules governing federal review of significant foreign investments, including a “net benefit” test covering economic activity, employment and competition, as well as a national-security screening process that can examine issues such as sensitive technology transfers and state-owned investors.
Joly said Ottawa aims to balance those protections with clearer expectations for investors. “We need to be able to provide a form of predictability to companies and investors from different jurisdictions to make sure that if they are interested in a project, they’re not surprised afterwards by a complicated regulatory system that could prevent their investment,” she said.
Tax Policy and a Long List of Projects
Ahead of the summit and the federal government’s fall budget, some business and policy groups have called for tax changes to further encourage investment. Joly signalled openness to the idea without giving specifics. “We’ve done a lot on the tax front already, but we have to do more and we will do more,” she said.
Organizers have circulated a 66-page prospectus document, reviewed by The Globe and Mail, outlining more than 160 Canadian projects open for investment across sectors including conventional and clean energy, minerals and metals, marine and port infrastructure, power and utilities, digital technology, advanced manufacturing and transportation.
Notably absent from that list are Canada’s major airports, despite earlier signals from the Carney government about possible changes to airport ownership. The federal government’s April fiscal update referenced exploring “alternative models of ownership” for airports, following language in the 2025 budget about considering privatization options. Airport assets are typically attractive to institutional investors such as pension funds because they generate existing revenue, unlike “greenfield” projects that have yet to be built. The spring update also outlined plans for a $25-billion sovereign wealth fund known as the Canada Strong Fund.
Other Events and Broader Diplomatic Push
Alongside the main summit, two related but separately organized events are taking place in Toronto on Monday: a Milken Institute event called Global Dialogues Toronto at the Park Hyatt, sponsored by TD and attended by Canadian banking executives, and an all-day event hosted by the Canadian Venture Capital and Private Equity Association promoting the country’s technology sector.
Immediately following the summit, Carney is scheduled to travel to Strasbourg, France, to address the European Union. A Wall Street Journal report, citing sources, said discussions are underway about whether Canada could become an “associate member” of the EU. Joly did not confirm or deny the report when asked, saying only that Canadian officials are working with European counterparts on a range of issues ahead of a scheduled Canada-EU summit at the end of October. “In view of the Canada-EU summit, we hope that we can work together to align even more interests,” she said.
The investment summit itself opens with a gala dinner Monday evening, followed by a full day of panels on Tuesday. While some panels will be open to media, much of the substantive activity is expected to occur through private meetings held on the sidelines of the event.
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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