More than 100 global investors and sovereign wealth fund representatives gathered in Toronto on Tuesday as Prime Minister Mark Carney pitched Canada as a “safe harbour” for capital during a period of economic and geopolitical uncertainty.
The group represents more than C$120tn ($86tn) in assets. Carney told them Canada is “perfectly situated to build in the new global economic order” and set out an aim to make the country “the most attractive place in the G7 to invest.”
Ottawa is seeking backing for more than 160 projects, from data centres to pipelines, across defence, energy, mining, artificial intelligence and infrastructure. Speakers at the summit included Deutsche Bank AG chief executive Christian Sewing, Bombardier’s Eric Martel, BlackRock chief executive Larry Fink and Blackstone president Jon Gray.
Carney also announced plans to privatise operations at four of Canada’s largest airports.
The summit follows the collapse of trade talks between Ottawa and Washington in August, after which both countries imposed tit-for-tat tariffs. Bans on goods like alcohol and motorcycles are due to come into force next week.
Carney addressed American executives directly. “To our American friends, let me say this. We will always be neighbours, and Canada will continue to be the US’s most important partner in many key areas,” he said.
The dispute has pushed Carney to widen economic ties beyond the US, which imports more than 70 percent of Canadian goods, worth over $300bn a year. He is due to visit Strasbourg in France and Liverpool in the United Kingdom between September 15 and September 17, where he will seek to strengthen Canada’s ties with the European Union in trade, investment and security.
Carney has described the goal as a “unique alliance” rather than membership. “We’re not looking to become a member of the European Union,” he said, adding that Canada shares the bloc’s values and priorities. A senior Canadian official said Ottawa would not cede “our rights to Brussels” but would push for arrangements allowing Canadians to live and work in Europe without visas.
Canada-EU trade was worth 130 billion euros ($150bn) in 2025. A 2017 trade agreement already eliminated duties between the two sides, and they hold yearly summits, having signed a defence pact last year on joint responses to security emergencies.
Carney’s outreach comes alongside a wider effort to reduce reliance on Washington, after he said Canada would not pursue free trade with China earlier this year.
The Toronto event drew protest. Hundreds appeared outside the opening night gala on Monday, with advocacy group Dogwood’s Kai Nagata accusing the government of a “great Canadian sell-off” and noting many invited buyers were American.