Canada seeks greater economic independence from US as Carney courts investors

Prime Minister Mark Carney of Canada addressed global investors at the Canada Investment Summit in Toronto, emphasizing the country's potential as an attractive investment destination. Carney highlighted Canada's abundant reserves of critical minerals and clean energy, positioning these sectors as the keys to achieving "strategic autonomy."

He outlined the government's goal of attracting CAN$1 trillion (US$720 billion) in foreign investment over the next five years, through tax incentives and reduced bureaucratic hurdles. The summit brought together investors from the Gulf, Europe, China, and Africa, including Nigeria's Aliko Dangote. Canada also announced plans to open its four largest airports to private investment, a move previously rejected.

Despite the trade war tensions with the United States, Carney stressed that Canada remains the U.S.'s most important partner in various key areas, expressing optimism about future relations. He recalled the White House visit last year where President Trump humorously warned of "maybe they'll shoot you." Carney's optimistic stance on U.S. relations was echoed by former Prime Minister Stephen Harper, who advocated for reduced dependence on the United States to preserve Canadian sovereignty.

The summit concluded with Carney heading to Strasbourg, France, to attend the European Union's State of the Union address, reflecting Canada's strategic pivot towards closer EU ties.