Carney Courts Global Elite in Bid to Diversify Canada’s Investment Landscape

Toronto is set to host over 100 of the world’s most influential investors, managing more than C$100tn ($72tn; £53) in assets, as Prime Minister Mark Carney launches a high-stakes campaign to reposition Canada as a viable destination for foreign capital. The summit arrives over 18 months after Carney declared that the centuries-old economic and military partnership with the United States was “over,” a sentiment fueled by collapsing trade talks, reciprocal tariffs, and rhetoric from Donald Trump suggesting Canada could become America’s “51st state.”

During the two-day event, attendees will include representatives from major sovereign wealth funds, such as those from the United Arab Emirates and Norway, alongside chief executives from financial giants like BlackRock and Blackstone. Carney will deliver a keynote address on Tuesday, while former prime minister Stephen Harper, who appointed Carney to lead the Bank of Canada, will close the conference. The strategy aims to promote Canada’s political stability and resource sectors to drive investment in artificial intelligence, defense, and infrastructure.

However, the pitch faces significant headwinds. A report by the Canada Pension Plan Investment Board, which is co-hosting the event, identified the depth of investible opportunities as Canada’s primary weakness. Naomi Powell of the CPP Investments Insight Institute noted that while global capital seeks opportunities, “opportunity alone does not make a market investible,” citing lengthy project approval times as a persistent barrier.

Carney’s approach relies heavily on his personal relationships within the global finance community. Goldy Hyder, president of the Business Council of Canada, emphasized that these were direct, personal invitations rather than standard diplomatic overtures. Miville Tremblay, a former Bank of Canada colleague, praised Carney’s deep understanding of financial markets, stating that the Prime Minister is uniquely equipped to discern when investors are bluffing.

This represents a strategic pivot for Canada. For decades, trade ministers sold the country to foreign corporations by highlighting easy access to the US market. Tremblay observed that this argument “doesn’t work anymore,” necessitating a new narrative centered on the phrase Carney has adopted: “Canada has stuff that the world needs.”

Economists warn that long-term success depends on resolving the trade dispute with the US, which accounts for 20% of Canada’s GDP. Bradley Saunders of Capital Economics argued that a stable trading relationship is essential to attract durable investment. Meanwhile, Hyder cautioned that Carney must also secure support from indigenous communities and provincial governments, who hold significant power to delay or block resource projects.

The summit occurs against a backdrop of domestic controversy. While recent polls indicate majority support for Carney’s pivot, protests are planned in Toronto, with critics alleging that Ottawa is prioritizing corporate interests and strengthening ties with nations like Saudi Arabia and China over climate commitments. Drew Fagan, a professor at the University of Toronto’s Munk School, described the current period as a “valley of death” for the Prime Minister, noting that the rapid deterioration of US relations is outpacing the development of alternative global partnerships.