Five takeaways from Canada's push to woo the world's richest investors

ByJessica Murphy Canada digital editor, Reporting fromToronto.

Key points

• On Monday, he held bilateral ‌meetings with chief executives from major finance firms, like BlackRock's Larry Fink and Blackstone president Jon Gray.
• "Half the buyers that he has invited here to Toronto are American, " remarked Kai Nagata, with advocacy group Dogwood, on Monday.
• But Nick Barry-Shaw, of the advocacy group Council of Canadians, remarked it was "a privatisation summit".
• Prime Minister Mark Carney is pitching Canada as a "safe harbour" for some of the world's largest investors in an era of geopolitical and economic uncertainty.
• Canada is "perfectly situated to build in the new global economic order", he informed more than 100 major investors in Toronto.

Notably, the prime minister has pledged to bring in C$1tn ($720bn; £530bn) in investments in the ‌next ⁠five years as he seeks to reduce Canada's reliance on the US, and the summit he convened this week is a test of whether he can deliver on promises to strengthen economic resilience.

For context, the stakes are high as the trade dispute with the US has pushed Canada to seek deeper economic partnerships with Europe, Asia and the Middle East. Here are five takeaways from the summit on Tuesday. Carney offers data centres and pipelines.

Carney remarked over the weekend that the summit was chance for the deep-pocketed financiers attending, representing more than C$120tn of assets, to "come to 'peer into our shop window'".

More than 160 projects were on offer, from data centres to pipelines and port expansions.

Ottawa additionally dangled a series of new tax incentives, including a "mega deduction" measure in front of potential buyers, and the prime minister underscored administration efforts to offer faster approvals for major projects.

Economic analysts have remarked Canada needs to produce significant policy changes to support attract investment, including more competitive tax and regulatory systems, and ensuring a supply of skilled labour.

Carney remarked Ottawa will now offer "predictability" for major proposed projects, with the goals of a one-year review timeline.

"If we're going to say no, a quick no is necessary, " he remarked.

On Monday, he held bilateral ‌meetings with chief executives from major finance firms, like BlackRock's Larry Fink and Blackstone president Jon Gray. Carney's new love-in with EU has everything to do with Trump. Airport privatisation ready for takeoff.

One of the major announcements to come out of the summit was Carney's plan to allow private investment in four of Canada's main airports, in Toronto, Vancouver, Montreal and Calgary.

Meanwhile, the prime minister remarked the plan would raise billions of dollars that could be reinvested in transport infrastructure, including smaller regional airports.

Plenty of developed countries allow some degree of private investment in airports, but Canada has lagged behind and its airports operate through a not-for-profit governance model.

Under Carney's new proposal, the federal administration will retain ownership of the underlying land and assets, but allow private investments into airport operations.

Labour unions have criticised the proposal, saying it will be bad for both workers and passengers.

"In the middle of a trade war, handing profitable public infrastructure over to private investors is exactly the wrong move, " remarked Lily Chang, with the Canadian Labour Congress, in an official note.

But Nick Barry-Shaw, of the advocacy group Council of Canadians, remarked it was "a privatisation summit". "This isn't nation building, " he remarked. "This is country selling." Canada is attractive for AI infrastructure.

On Tuesday, the prime minister's office remarked the summit had generated almost C$500bn in new investments throughout sectors like critical infrastructure, digital technology, energy and defence.

One sector that generated a lot of interest was AI infrastructure projects.

Canada has a cold climate, lots of space, and a "clean" energy grid, meaning there is space and capacity to build infrastructure like data centres, remarked Aidan Gomez, cofounder of AI firm Cohere.

Dave McKay, CEO of RBC, one of Canada's largest banks, remarked to journalists there had been "a consistency of message" between the prime minister and executives, with all "pulling in the same direction". UK in discussions concerning joining global defence bank led by Canada. Carney's olive branch to US.

Former Goldman Sachs executive and central bank chief Carney's political career was built in part on a promise to take a tough stance on the US.

After trade discussions suddenly collapsed last month, the two countries have imposed tit-for-tat tariffs and been embroiled in a war of words. There are no signs formal trade discussions will resume anytime shortly.

On Tuesday, new US tariffs came into effect on a number of Canadian goods while some others were lifted, and bans on goods like alcohol and motorcycles are due to be imposed next week.

But the prime minister created clear the relationship wasn't over, addressing the American executives in Toronto directly.

"To our American friends, let me say this. We will always be neighbours, and Canada will continue to be the US's most significant partner in numerous key areas, " he noted.

"After all, even at times of disagreement during our long history, we have always maintained deep ties."

Meanwhile, protestors accused the Carney administration of organising a "great Canadian sell-off" of public resources and infrastructure to corporate interests, and hundreds appeared outside the opening night gala at a downtown museum.

"Let's be clear, every piece of our country that we sell off to American billionaires brings us closer to becoming the 51st state."

Meanwhile, the prime minister heads to Europe next, where he will address the EU parliament and commence discussions "to build a unique security and economic alliance" with the bloc.

RBC's McKay remarked Canada will always be closely aligned with the US simply given its proximity, but there are opportunities overseas.

"I think this is an 'and'. We have to encourage our governments and encourage our leaders to look at opportunities to diversify trade and grow, " he remarked.

"And I think for Canadians, it's been so straightforward to look south and build those supply chains. I think Canadians have woken to opportunities in Asia and in Europe."

In short, five takeaways from Canada' s push to woo the world' s richest investors is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.