Canada is a 'safe harbour' for global finance, Carney says

Prime Minister Mark Carney has described Canada as a “safe harbour” for global investors looking to shelter wealth amid geopolitical and economic uncertainty. Speaking before more than 100 international investors and sovereign‑wealth‑fund representatives at a Toronto business summit, Carney said the nation is “perfectly situated to thrive in the emerging global economic order.” The attendees collectively manage over C$120tn ($86tn; £64tn) in assets. Carney urged them to allocate capital to sectors such as defence, energy, mining, artificial intelligence and infrastructure, noting that Ottawa aims to secure commitments for more than 160 projects ranging from data centres to pipelines to help the country navigate its trade dispute with the United States. He added that strained trade relations with Canada’s largest partner have prompted the government to deepen economic ties with Europe, Asia and the Middle East, reducing reliance on the southern neighbour. “Our goal is simple: to make Canada the most attractive spot in the G7 to invest,” Carney said on Tuesday morning. As part of that strategy, Carney announced plans to privatise the operations of four of Canada’s largest airports, projecting that the move would generate billions of dollars for reinvestment in transport infrastructure. Many of the summit participants received a personal invitation from the prime minister, who previously held senior positions in global finance and served as a central banker before entering politics. While much of the day’s agenda will unfold in private sessions and bilateral meetings, public panels will feature Deutsche Bank AG CEO Christian Sewing, Bombardier executive Eric Martel, BlackRock CEO Larry Fink and Blackstone president Jon Gray. Read the full story at BBC News →