Hundreds of investors from around the world will gather in Toronto this week for Canada’s first ever national investment summit.
Prime Minister Mark Carney is hoping to convince those with deep pockets to line up and write checks for more than 30 major projects across the country with a goal to bring in $1 trillion within the next five years.
Nearly 130 investors from 11 countries are expected to attend the summit — just over 30 of them from the United States. The entire group represents more than $100 trillion in investment capital.
The planning for this summit has been in the works for months, and the main pitches will come from Carney himself.
"It’s building here. It’s building bold. It’s building now," he said. "It’s moving forward. It’s making those connections; those trade connections."
There will also be investor groups from Canada, Britain, France, Australia, the United Arab Emirates and China.
The message to investors is that Canada is open for business with dozens of major projects in the works.
Francois Philippe Champagne, Canada’s finance minister, said if you look at the world today, there is war in the Middle East and in Europe as well as trade tensions. Champagne said this has created a situation showing the importance of economic security, energy security and national security.
"Now if you want to ensure the growth in your own domestic market, critical minerals and energy will be essential," he said. "Therefore, Canada becomes a partner of choice. But when you look at the map today, you sit down with investors and what do they need. You need critical minerals to power the digital economy. You certainly need energy to attract industrial and rebuild industrial base and to grow."
Champagne also said Canada has the largest infrastructure plan of the G7. He also said in the world of investing, trust is also a main pillar, and that’s where Canada comes in.
Of the many questions being asked about the investment summit, one concern is how much of the money generated will remain in Canada.
"I’m concerned that we’ll remain the hewers of wood and the drawers of water," Marilyn Spink of the Canadian Critical Minerals and Materials Alliance said. "I want to see policy, government policy, around investment; that the value stays in Canada."
Carney is the keynote speaker. He will be flanked at the summit by all 13 provincial and territorial premiers as well as key members of his cabinet.
Among the major projects being pitched is developing the Port of Churchill in northern Manitoba to a year-round, deep-sea port. Hydroelectric projects such as Gull Island — jointly owned by Newfoundland and Labrador — and Hydro Quebec. Some countries have already invested in critical mines and energy.
The Carney government is also streamlining the approval process for many of these projects — a move that could make Canada more attractive to investors.
There will also be questions about the trade war with the U.S., and even of Alberta separatism.
But there is a renewed interest in investing in Canada; it’s just not clear whether it’s enough to hit the $1 trillion mark.
