Toronto (Canada) (AFP) – Canada is a safe place to invest “in a very uncertain world,” Finance Minister Francois-Philippe Champagne told AFP Monday, ahead of a summit where the country is seeking an unprecedented influx of private-sector investment. Prime Minister Mark Carney has pitched this week’s Canada Investment Summit as an opportunity to sell the world’s top CEOs and business leaders on investing in Canada, a mineral and energy-rich country looking to reduce its dependence on the United States.
Despite an escalating trade war triggered by President Donald Trump’s tariffs, major US investors are on the guest list for Tuesday’s main event, including representatives from Bank of America and Berkshire Hathaway, founded by legendary investor Warren Buffett. Africa’s richest man, Nigerian tycoon Aliko Dangote, is set to attend, along with envoys from major Gulf investment agencies. Champagne told AFP the people who will be in the room control more than CAN$120 trillion (US$86 trillion) in global capital. “It is the largest investment summit in, certainly, Canadian history,” Champagne said.
In recent years, Canada has faced criticism from private-sector leaders who say the country is a difficult place to invest, citing lengthy and bureaucratic project approval processes. But Champagne is convinced that those problems are now in the past and officials in his government “understand now that speed and skill are what’s needed to seize this golden opportunity.” “The world has changed,” he said.
He also said global economic “megatrends,” including growing demand for reliable supplies of critical minerals and energy, were playing to Canada’s strengths. “We have the critical minerals to power the growth, and I would say a lot of people see critical minerals as the fuel of the 21st century,” he told AFP, adding that Canada also has “an abundance of energy.” Trade relations with the United States have unraveled since Trump returned to office and the president is expected to impose more tariffs this month.
Asked whether Canada would try to sell itself as a hedge against an increasingly volatile and protectionist United States, the finance minister said: “I don’t compare with others.” “Capital will go where it finds the opportunities.” But, he added, “I would say the most sought-after commodity today is trust.” “Canada is more and more seen as a trusted partner in a very uncertain world.”
Carney has put closer ties with Europe at the core of his pivot away from the United States. He will fly to Strasbourg, France after the investors summit to address the European Parliament. In a high-profile January address to the World Economic Forum, Carney issued a public call for so-called middle powers to band together to resist what he called superpower aggression. That speech has been followed by a series of moves to solidify the Canada-EU alliance, which Champagne said would increase this week.
“Our European partners are keen on a strong transatlantic relationship,” he told AFP, saying the bloc is drawn to Canada’s “certainty and predictability.” “That’s why Canada stands out as a partner of choice.”
© 2024 AFP
