Prime Minister Mark Carney announced a new 'Canada Investment Summit' that will invite investors, CEOs and business leaders to Toronto this fall, The Canadian Press is reporting Friday.
It noted 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.
Friday's report said news of the summit 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.
It noted the goal of the summit is to grow businesses, unlock job opportunities and build a stronger economy, according to the release.
This, The Canadian Press said, 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 trillion 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.
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