Carney Courts Global Investors in Toronto as Canada Seeks to Offset US Tariffs

Canadian Prime Minister Mark Carney is welcoming dozens of global investors to Toronto this week, seeking backing for more than 160 projects he argues are central to steering the economy through a trade war with the United States.

Among those confirmed to attend are BlackRock chief executive Larry Fink and Blackstone president Jon Gray from the United States, along with Temasek chief executive Dilhan Pillay of Singapore and Annette Mosman, chief executive of Dutch pension fund APG Groep, according to a source familiar with the event.

The two-day gathering, which opens on Monday, is intended to begin discussions on future investments, though significant deals could take 12 to 18 months to come together, a government source said. Carney has committed to drawing C$1 trillion in investment over five years by reducing regulatory hurdles and advancing projects in mining, energy, technology and infrastructure.

Speaking at a welcome reception on Sunday, Carney said the world's largest investors, who manage more than C$120 trillion in assets, would come to "peer into our shop window" because the world is looking at Canada differently.

Attracting foreign capital is a priority as tariffs imposed by the United States, Canada's largest trading partner, continue to mount. Carney has pursued closer business ties with partners in the Middle East and Asia while reinforcing Canada's relationship with Europe.

The summit is designed to connect roughly 100 global investors with Canadian chief executives, companies and local officials to spur investments or partnerships. A prospectus reviewed by the wire service lists projects ranging from the concept stage to shovel-ready, presenting Canada as a stable and predictable market positioned for long-term growth. Carney's office declined to comment.

The dealbook also reflects Canada's technology ambitions, listing 96 data centres in development. Opportunities include an equity investment in Xanadu's photonic quantum computer, targeted for commercialisation by 2029-2030, an equity investment in a data centre campus in Alberta, and project financing for a hyperscale, AI-focused campus in New Brunswick. The Crawford Nickel Project, which would produce low-carbon nickel for batteries and green steel, is also on the list.

Infrastructure projects, typically favoured by pension funds and other long-term investors, include C$900 million in financing sought for a proposed high-speed transportation pod between Calgary and Edmonton.

"This investment summit is falling at a very critical time in which Canada represents a window of stability," said Erik Peterson, managing director of Kearney's Global Business Policy Council.

Government data shows Canada's foreign direct investment flows have risen steadily since 2022, averaging around C$23 billion per quarter in 2024 and 2025, and C$20 billion so far this year, compared with C$16.3 billion in 2023 and C$15 billion in 2022. A substantial share of inbound investment has come from mergers and acquisitions, such as Mubadala Capital's C$12 billion purchase of CI Financial and Rio Tinto's acquisition of Arcadium Lithium, or from reinvested earnings of foreign firms.

Greenfield investments, which measure foreign spending on new factories and warehouses, have not shown a major increase since Carney took office. Doug Porter, chief economist at BMO Capital Markets, cautioned that such investments are difficult to attract in a mature economy like Canada's, adding: "It will be fascinating to see if this actually does supercharge foreign direct investment."

The Carney government's priorities mark a shift from those of his predecessor Justin Trudeau, a fellow Liberal who placed greater emphasis on human rights, climate change and Indigenous issues. Carney has said he looks forward to welcoming Saudi investors and has repaired ties with India and China.

Canada's financial sector has pledged billions of dollars to domestic companies. Royal Bank of Canada said it would invest C$1.4 billion in technology companies, Bank of Montreal committed up to C$70 billion for critical economic sectors, CIBC pledged C$2 billion for defence businesses, and Sun Life will put in C$5 billion for infrastructure projects.

Canada is well positioned in "the Rubik's cube around diversifying portfolios, geopolitics, and technological changes," said Benjamin Bergen, chief executive of the Canadian Venture Capital & Private Equity Association, which is hosting a tech event on the sidelines of the summit. "We kind of have a moment here as a country."