Canada courts global investors with $720bn pitch amid US trade tensions

Prime Minister Mark Carney stood before more than a hundred of the world's largest investors in Toronto this week and made a straightforward pitch: Canada is open for business, and it is safer than anywhere else right now. The country, he told them, is "perfectly situated to build in the new global economic order"—a carefully chosen phrase that acknowledged the turbulence surrounding them. Carney has committed to bringing in $720 billion in fresh investment over the next five years, a target that hinges entirely on whether he can convince the financial world that Canada offers something the United States no longer does: predictability and welcome.

The summit itself was a catalog of opportunity. More than 160 projects were laid out for inspection—data centres, pipelines, port expansions, and a slate of new tax incentives designed to make the math work for investors. The investors in the room represented more than $120 trillion in assets. Carney promised them something they have come to value in an era of regulatory whiplash: a one-year timeline for project approvals. "If we're going to say no, a quick no is necessary," he said. On the side, he held bilateral meetings with executives from BlackRock and Blackstone, the kind of personal attention that signals serious intent. The message was consistent: Canada will move fast, offer tax breaks, and get out of the way.

One announcement crystallized the ambition. Carney unveiled a plan to open four of Canada's major airports—Toronto, Vancouver, Montreal, and Calgary—to private investment. The federal government would retain ownership of the land and underlying assets, but private operators would run the terminals. It was a break from Canada's historical model, where airports operated as not-for-profit entities. The move generated immediate resistance. Lily Chang of the Canadian Labour Congress called it exactly the wrong move "in the middle of a trade war," warning it would harm workers and passengers alike. Nick Barry-Shaw of the Council of Canadians was blunter: "This is country selling." Outside the opening gala at a downtown museum, hundreds of protesters gathered, accusing Carney of orchestrating a "great Canadian sell-off" of public resources to corporate interests.

The summit's first day generated nearly $500 billion in new investment commitments across critical infrastructure, digital technology, energy, and defence. One sector drew particular attention: artificial intelligence infrastructure. Canada's combination of cold climate, abundant space, and a clean energy grid made it an obvious candidate for data centres and computing facilities. Aidan Gomez, cofounder of the AI firm Cohere, laid out the case plainly. Dave McKay, CEO of the Royal Bank of Canada, told reporters there was "a consistency of message" between the prime minister and the executives present—everyone, he said, was "pulling in the same direction."

But the summit's real significance lay in what it signaled about Canada's economic future. The trade war with the United States has been bitter and escalating. Trade talks collapsed last month. This week alone, new American tariffs took effect on Canadian goods while others were lifted, and bans on alcohol and motorcycles are scheduled to begin next week. Carney, whose political career was built partly on a tough stance toward the US, made a calculated move: he addressed American executives in the room directly. "We will always be neighbours," he said, "and Canada will continue to be the US's most important partner in many key areas." It was an olive branch, but not a surrender.

The real pivot is elsewhere. Carney is heading to Europe next, where he will address the EU parliament and begin negotiations toward what he is calling a "unique security and economic alliance." This is the story beneath the summit: Canada is diversifying away from its historical dependence on the United States. McKay acknowledged the reality. Canada will always be closely aligned with the US given geography, he said, but there are opportunities overseas. "I think this is an 'and'," he said. "We have to look at opportunities to diversify trade and grow." For decades, he added, it has been easy for Canadians to build supply chains southward. That era, the summit suggested, is ending.

Whether Carney can deliver on his trillion-dollar promise depends on factors beyond his control and some entirely within it. Economic analysts have said Canada needs significant policy changes—more competitive tax systems, faster regulatory approvals, and a reliable supply of skilled labour. The summit offered some of these things. But the real test will come in the months ahead, when investors begin moving money and the government must prove it can execute. The trade war with the US shows no signs of ending. The EU is a potential partner, but not a replacement. Canada is betting it can be both a safe harbour and a place where the world's largest investors can build something new.