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(Bloomberg) — Canadian Prime Minister Mark Carney is inviting the world’s largest investors to a summit in September as part of a push to attract billions in investment to the country.
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The summit — the first of its kind in Canada — will be held in Toronto and hosted by the federal government in partnership with Canada Pension Plan Investment Board and Public Sector Pension Investment Board, according to a statement Friday.
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Carney has made boosting Canada’s appeal to global capital a key priority, pitching the country as a stable destination for long-term investment at a time of heightened geopolitical uncertainty. His government pledged in November to enable C$500 billion ($366 billion) in private investment over five years, and has signaled plans to streamline approvals, accelerate major infrastructure projects and crowd in private capital alongside public funds to unlock growth.
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The push comes after years during which Canada struggled to keep pace with peer economies on capital spending.
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Canada’s large public pension funds, which are among the biggest institutional investors in the world, are also under pressure to deploy more at home. They have significant infrastructure investments around the world, including ports, renewable power, airports and energy infrastructure. Carney’s government is pushing for expansion in many of these areas in an effort to diversify the economy.
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Carney has also been actively pitching Canada abroad, trying to court investors and deepen ties with sovereign wealth funds. His outreach has included visits to oil-rich Gulf nations, including the United Arab Emirates, which agreed in November to invest about $50 billion in Canada over the next few years.
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Foreign direct investment into Canada jumped in the fourth quarter, pushing yearly inflows to the highest level in 18 years. Over the past year, Canada has secured more than 20 new economic and defense partnerships and C$97 billion in foreign investment commitments, the government’s statement said.
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The summit will take place Sept. 14 to 15.
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