Prime Minister Mark Carney announced a new “Canada Investment Summit” that will invite investors, CEOs and business leaders to Toronto this fall.
The Prime Minister’s Office said in a media release the aim of the summit is to unleash $1 trillion in investment over the next five years to advance nation-building projects.
This comes after a globetrotting year for the prime minister, where he’s held several meetings with international investors and businesses in an effort to gin up interest in putting money into the Canadian economy.
Carney touted Canada’s strengths as an energy producer with a highly-educated workforce, saying Canada has what the world wants.
The goal of the summit is to grow businesses, unlock job opportunities and build a stronger economy, according to the release.
This comes after a decade of declining international investment in Canada.
A recent report from RBC says that last year was Canada’s first to attract more than $100 billion in foreign direct investment since 2015.
More than $1 trillion in foreign investment exited the Canadian economy between 2015 and 2024, what the report calls the “largest capital exodus in Canadian history.”
However, RBC projects Canada could attract upwards of $1.8 billion over the next decade if advancements are made in key industries. This includes building new pipelines and liquefied natural gas terminals, expanding nuclear, hydro and renewable power and growing as a critical mineral supplier.
The Canadian Federation of Independent Business issued a report this week pointing to a struggling small business sector in Canada. The CFIB says this is the sixth consecutive quarter they’ve tracked more small businesses closing than opening.
The Prime Minister’s Office says the summit will be hosted on Sept. 14 and 15 in partnership with the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board.
The announcement comes as Canada faces ongoing economic disruptions due to the Iran war spiking gas prices and tariffs imposed by the U.S.