Canada's Prime Minister Mark Carney presented Canada as a 'safe harbour' for investors during a summit in Toronto aimed at attracting global investment amidst geopolitical and economic uncertainty. Carney stated that Canada is 'perfectly situated to build in the new global economic order' and pledged to secure C$1 trillion ($720 billion; £530 billion) in investments over the next five years to reduce reliance on the US. The summit featured over 100 major investors and showcased more than 160 projects, including data centres, pipelines, and port expansions.
Carney introduced new tax incentives, including a 'mega deduction' for potential investors, and emphasized the government's commitment to expedite approvals for significant projects. He noted the need for policy changes to enhance Canada's competitiveness in attracting investment, including a focus on skilled labor.
The summit also announced plans for private investment in four major Canadian airports—Toronto, Vancouver, Montreal, and Calgary—while the federal government would retain ownership of the underlying land and assets. This proposal faced criticism from labor unions and advocacy groups, who argued it would negatively impact workers and public infrastructure.
On the investment front, the summit reportedly generated nearly C$500 billion in new investments across various sectors, including critical infrastructure, digital technology, energy, and defense. Aidan Gomez, co-founder of AI firm Cohere, highlighted Canada's advantages for AI infrastructure projects, citing its cold climate and clean energy grid.
Despite ongoing trade tensions with the US, Carney addressed American executives, reaffirming Canada's commitment to its relationship with the US. He acknowledged the recent imposition of new US tariffs on Canadian goods while maintaining that Canada would continue to be a vital partner for the US.
Protests occurred outside the summit, with demonstrators accusing the Carney government of facilitating a 'great Canadian sell-off' of public resources to corporate interests. Carney is scheduled to travel to Europe next to discuss building a security and economic alliance with the EU, while RBC's CEO Dave McKay emphasized the importance of diversifying trade opportunities beyond the US.