Three prime ministers were on hand in Toronto to mark one of the largest private sector investments in Canadian history on Monday — the opening salvo in Mark Carney’s two-day summit aimed at attracting billions of dollars in capital to Canada.
The deal in question was a massive data centre expansion planned by Bell in Saskatchewan, a move that the Montreal-based telecom giant’s CEO Mirko Bibic said will require $50 billion in capital investment to complete.
In the room for the announcement was Carney and bipartisan pair of former prime ministers — Liberal Jean Chrétien and Conservative Stephen Harper — the latter of whom will deliver closing remarks at the inaugural investment summit on Tuesday.
The event is part of Carney’s bid to improve Canada’s reputation in the eyes of investors after years of stagnant business investment. The prime minister is trying to court the world’s investors as part of his lofty goal to attract $1 trillion in investments over the next five years.
Saskatchewan Premier Scott Moe on Monday hailed Carney for his “renewed … sharp focus” on expanding Canada’s trading relationships and promoting the country’s international credibility.
Carney held up Bell’s investment as the kind of investment Canada needs to pivot the economy to growth. He didn’t directly mention headwinds from U.S. tariffs or other geopolitical shifts in his comments.
“The tone of Canadians is, let’s get on with it. Let’s build. Let’s control our future. Let’s be positive. Let’s come together. This is a fantastic example of that,” Carney told the room at the Fairmont Royal York in downtown Toronto.
Toronto is playing host to executives at some of the world’s largest asset managers this week as Carney, his cabinet ministers and premiers pitch the investors on major infrastructure projects.
Major Canadian banks and pension funds are also taking the opportunity to promote their domestic investment plans on the sidelines of the summit.
Tuesday marks the main programming of the summit, with sector-specific panels and an opening keynote by Carney.
Attendees were welcomed with a private dinner at the Art Gallery of Ontario on Monday night. The Prime Minister’s Office says the menu including smoked Arctic char, bison short rib and roasted pear was all Canadian-sourced.
The summit has attracted the heads of some of the world’s largest asset managers, including BlackRock CEO and chairman Larry Fink and Blackstone president Jon Gray. Other attendees hail from Australia, Singapore, Denmark, Qatar, Indonesia and more.
Police equipped with high-visibility green vests, batons and helmets shut down traffic in the blocks surrounding the gallery in downtown Toronto in the late afternoon as large black SUVs dropped off VIPs. Armoured vehicles, police buses and horse-mounted officers were also on hand around the art gallery.
Officers allowed some attendees arriving by foot to pass through the barricades. Housing Minister Gregor Robertson arrived via rental bike in a striped suit after a day of meetings about his infrastructure portfolio.
By 7:30 p.m., a group of around 100 demonstrators who had marched from Nathan Phillips Square amassed in front of police barricades. One attendee held a sign that read, “No deals behind closed doors.”
Organizers of the group, which included representatives of labour unions, Indigenous leaders, and climate and housing advocates, say they reject the idea of leaving Canada’s economic future in the hands of CEOs and they worry about the future of public services, pipelines and arms manufacturing.
Conservative Leader Pierre Poilievre said in a social media post Monday that Canada would be attracting more investment right now if not for federal policies that add costs and delays to proposed projects.
He accused Carney of failing to deliver for Canadians over his first year and a half in office.
“Speeches, summits and symbolic signing ceremonies do not grow the economy, or pay people’s mortgages and groceries. That takes results,” Poilievre said.
Earlier Monday, Ottawa announced a tweak to tax policy aimed at making Canada more attractive to international investors.
The federal government said in a press release Monday that investors putting $1 billion or more into the Canadian economy will now get priority access to a program that offers binding decisions from the Canada Revenue Agency.
Through the existing Advance Income Tax Rulings program, qualifying investors can get clarity on how income tax law will apply before they commit capital.
“When investors are considering major projects, certainty matters,” Finance Minister François-Philippe Champagne said in a media statement.
“By prioritizing advance tax rulings for investments of $1 billion or more, we are giving them the clarity and predictability they need to invest with confidence, create opportunities and help build Canada’s economic future.
— With files from David Baxter and Alessia Passafiume in Ottawa and Kathryn Mannie and Maan Alhmidi in Toronto