Carney, locked in US trade war, pitches Canada to global investment titans

Canadian Prime Minister Mark Carney is hosting a trade summit in Toronto to attract global investments for over 160 projects aimed at strengthening Canada's economy amid a trade war with the United States. The summit, which will take place mainly on Tuesday, will see discussions with hundreds of investors, including BlackRock CEO Larry Fink and Blackstone President Jon Gray.

Carney, a former Goldman Sachs executive, aims to lure investments of C$1 trillion ($721 billion) over the next five years by reducing red tape and developing projects in mining, energy, technology, and infrastructure. He is also looking to forge new partnerships in the Middle East, Asia, and Europe. Finance Minister Francois-Philippe Champagne announced that the federal tax agency will prioritize advance income tax rulings for investments of C$1 billion or more to expedite the decision-making process for investors.

The summit hopes to connect around 100 global investors with Canadian CEOs, companies, and local officials to facilitate investments or partnerships. The projects range from concept stage to shovel-ready, including a C$50 billion expansion of a data center in Saskatchewan led by Bell Canada CEO Mirko Bibic. Other opportunities include equity investments in Xanadu's photonic quantum computer, a data center campus in Alberta, and a hyperscale and AI-focused campus in New Brunswick.

Infrastructure projects, such as a C$900 million financing request for a high-speed transportation pod between Calgary and Edmonton, are also part of the list. Despite a steady rise in foreign direct investment since 2022, greenfield investments have not seen significant growth under Carney's leadership. Some critics argue that the summit is more focused on privatization than nation-building.