Prime Minister Mark Carney held an investment summit this week in Toronto, where he presented Canada as a stable investment destination amid global economic uncertainty. The gathering attracted over 100 major investors representing more than C$120 trillion in assets. Carney outlined an ambitious goal to attract C$1 trillion in investments over the next five years, part of a broader strategy to reduce Canada’s economic dependence on the United States.
The summit featured more than 160 proposed investment projects spanning data centres, pipelines, and port expansions. The government introduced new tax incentives, including a “mega deduction” measure, and pledged to streamline project approval processes with a target one-year review timeline. Carney also held bilateral meetings with executives from major financial firms, including BlackRock and Blackstone leadership. The prime minister’s office reported that the summit generated approximately C$500 billion in new investment commitments across critical infrastructure, digital technology, energy, and defence sectors.
A significant announcement involved opening Canada’s main airports in Toronto, Vancouver, Montreal, and Calgary to private investment while maintaining federal ownership of land and assets. This represents a departure from Canada’s traditional not-for-profit airport governance model used by many comparable nations. The proposal aims to generate billions for reinvestment in transportation infrastructure, including smaller regional airports.
The summit sparked considerable opposition from labour unions and advocacy groups. The Canadian Labour Congress criticized the airport privatization plan as harmful to workers and passengers, while protest groups gathered outside the opening gala, characterizing the initiative as a “sell-off” of public resources. Despite ongoing trade tensions with the United States, Carney extended an olive branch to American executives, reaffirming Canada’s commitment to the bilateral relationship.
Carney plans to travel to Europe next to address the EU parliament and begin negotiations on a security and economic alliance with the bloc, signalling efforts to diversify Canada’s economic partnerships beyond North America.
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