Privatization of four major airports unveiled at gathering
Carney told the assembled financiers on Tuesday morning that Canada is “perfectly situated to build in the new global economic order,” laying out a stated goal “to make Canada the most attractive place in the G7 to invest.”
The investors and sovereign wealth fund representatives attending the summit represent more than C$120tn ($86tn; £64tn) in assets, with Ottawa courting capital toward sectors including defence, energy, mining, artificial intelligence, and infrastructure.
Canadian officials are offering investors more than 160 projects, ranging from data centres to pipelines, as the country seeks to expand economic partnerships with Europe, Asia and the Middle East and reduce reliance on the United States following the collapse of bilateral trade talks last month.
Carney announced plans to privatize operations for four of Canada’s largest airports, saying the move would raise billions of dollars that could be reinvested in transport infrastructure.
The summit featured panels with speakers including Deutsche Bank AG CEO Christian Sewing, Bombardier executive Eric Martel, BlackRock CEO Larry Fink, and Blackstone president Jon Gray. Many of the business leaders in attendance received personal invitations from Carney, who worked in the top tiers of global finance and served as a central banker before entering politics.
Carney’s office played down the likelihood of major announcements from the gathering, with the prime minister saying over the weekend the event was a chance for deep-pocketed financiers to “come to peer into our shop window.” Much of the action is taking place in private sessions and bilateral meetings. The event is also an opportunity for Canada to burnish its reputation as a good place to do business after years of lagging investment performance.
The investment push comes against a backdrop of escalating trade tensions with Washington. Trade talks between Ottawa and Washington collapsed last month, and the two countries have since imposed tit-for-tat tariffs.
New US tariffs came into effect on Tuesday on a number of Canadian goods while others were removed. Additional bans, including on alcohol and motorcycles, are scheduled to take effect next week.
Speaking directly to American executives in attendance, Carney said: “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.”
“After all, even at times of disagreement during our long history, we have always maintained deep ties.”
The summit drew protests outside its venue. Demonstrators on Monday accused the Carney government of organizing a “great Canadian sell-off” of public resources and infrastructure to corporate interests, and hundreds gathered outside the opening night gala at a downtown museum.
“Half the buyers that he has invited here to Toronto are American,” said Kai Nagata of advocacy group Dogwood on Monday.
“Let’s be clear, every piece of our country that we sell off to American billionaires brings us closer to becoming the 51st state.”
Economic analysts have said Canada will need significant policy changes to attract investment at the scale Carney is seeking, including more competitive tax and regulatory systems and ensuring a supply of skilled labour.
The event represents a test of whether Carney can deliver on his pledge to strengthen Canada’s economic resilience at a time when its trade relationship with the United States remains in flux.