Canada is targeting one trillion dollars in investments over the next five years to create a robust and independent economy
Canadian Prime Minister Mark Carney has pitched Canada as a destination for global investment while seeking to reduce the country’s economic dependence on the United States, even as he stressed that Washington will remain a key partner.
Speaking at the Canada Investment Summit in Toronto on Tuesday, Carney said his government aims to catalyse C$1 trillion in investment in Canada over the next five years, targeting sectors including energy, transportation, data, defence and critical minerals. The summit brought together investors from nearly 30 countries, with participants managing more than C$100 trillion in assets, according to the Canadian government. Ottawa said the summit generated nearly C$500 billion in new investment commitments. He said Canada is undertaking its biggest increase in defence spending since the Second World War, with a path to reach 4 percent of GDP in total defence spending by 2030.
“We are catalysing one trillion dollars of investment to build a more resilient, competitive and sovereign economy,” he said. Carney also linked Canada’s investment push to a major expansion of its defence capabilities.
He added that the country’s Defence Industrial Strategy is expected to catalyse C$500 billion in investment over the next decade, including in aerospace, shipbuilding, artificial intelligence, cyber, quantum technologies, robotics and autonomous systems. At the same time, Carney’s government is seeking to diversify Canada’s trade and investment relationships, including through closer economic and security ties with the European Union. Canada is also looking to attract investment into energy, mining, technology, infrastructure and defence as it seeks to strengthen its economy amid the ongoing dispute with Washington.