TORONTO (AP) — U.S. President Donald Trump has expressed a desire for factories and investment to move to the United States, while Canadian Prime Minister Mark Carney is working to attract investment to Canada. Approximately 300 CEOs and senior executives from major investment firms are attending Carney's Canada Investment Summit this week at the Four Seasons in Yorkville, Toronto. These investors manage over $120 trillion in assets, highlighting the potential capital Carney aims to attract as Canada seeks to reduce its economic dependence on the U.S. market.
"Canada is about so much more than being next to the United States," Carney stated at a news conference in Banff, Alberta, last week. He emphasized Canada's energy and critical mineral resources, educated workforce, and trade agreements that provide access to around 1.5 billion consumers globally. Carney noted that the interest from investors reflects Canada's own merits, stating, "They are coming because of Canada. If they wanted to go to the United States, they would go to the United States."
Carney, who has extensive experience in finance and central banking, will engage with CEOs from firms like Sydney-based Macquarie Group and Singapore's Temasek Holdings during the summit. A Canadian official described the event as the largest gathering of investment decision-makers in the country, although they cautioned that immediate deals are not expected, with significant outcomes likely to unfold over the next 12 to 18 months.
The summit occurs at a pivotal time for Canada, following the collapse of trade talks on August 21 and the imposition of 50% tariffs by Trump on approximately $20 billion in Canadian goods, which Canada retaliated against. Trump's tariffs and manufacturing policies have challenged Canada's appeal to foreign investors, particularly regarding access to the U.S. market.
Carney and business leaders are encouraging investors to overlook the trade war and consider Canada as a stable alternative to the U.S. "Investors coming to Canada will find a country that respects rule of law and a country that is reliable," Carney said. He added that Canada's strength lies in its trustworthiness, which cannot be quantified.
John Graham, CEO of CPP Investments, noted that the discussion surrounding Canada is evolving. The summit aims to connect global capital with projects in critical minerals, technology, defense, advanced manufacturing, and energy. Carney's meetings will focus on aligning investors' interests with specific projects. Notable figures such as BlackRock CEO Larry Fink and Blackstone President Jon Gray will participate in discussions, with former Prime Minister Stephen Harper scheduled to close the summit. Following the event, Carney will travel to Europe to address the European Parliament as Canada seeks to enhance its strategic partnership with the EU.