Canada is a 'safe harbour' for global finance, Carney says

What the report says

Prime Minister Mark Carney used a major investment summit in Toronto to present Canada as a “safe harbour” for global capital at a time of economic and geopolitical uncertainty. Speaking to more than 100 investors and sovereign wealth fund representatives, he said Canada was well placed to compete for new investment in areas such as defence, energy, mining, artificial intelligence and infrastructure. The BBC reported that the guests represented more than C$120tn in assets.

According to the BBC, Ottawa is hoping to win backing for more than 160 projects, including data centres and pipelines, as it tries to strengthen the economy during a trade dispute with the United States. Carney has also been looking to deepen ties with Europe, Asia and the Middle East to reduce Canada’s dependence on its southern neighbour. At the summit, he announced plans to privatise operations at four of the country’s largest airports, saying the move could raise billions for transport infrastructure.

The event brought together executives from firms including Deutsche Bank, Bombardier, BlackRock and Blackstone, with many meetings expected to take place privately. The BBC said the summit is also meant to improve Canada’s reputation among investors after years of weak investment performance, with analysts saying tax, regulation and labour supply remain important hurdles.

The gathering comes as tariff tensions with Washington intensify. The BBC reported that new US tariffs on some Canadian goods took effect on Tuesday, while other measures are due soon. Protesters outside the summit criticised the government for what they described as a sell-off of public assets, underscoring the political sensitivity around Carney’s push to attract foreign money.