Last month, Prime Minister Mark Carney–in partnership with the Canada Pension Plan Investment Board (CPP Investments) and the Public Sector Pension Investment Board (PSP Investments)–hosted Canada’s first Investors Summit, inviting over 200 CEOs to Toronto to catalyze approximately $1 trillion worth of investments across five years in energy, transportation, technology and data, defence and other sectors.
This event came as a response to the growing sentiment for diversified trade, especially in the wake of a volatile trade relationship with the U.S., Canada’s largest trade partner by a mile.
Additionally, Canada faces the issue of stalling growth in its GDP compounded with the long-standing concern of stagnant business investment. In 2024, the Bank of Canada identified this as one of three major economic concerns faced in the Canadian economy. As such, the summit marketed Canada’s educated workforce, low net debt-to-GDP ratio, and its comparative advantage in natural resources for the ultimate purpose of establishing the country as a reliable global partner, one worth backing financially.
The Summit was largely framed to the public as a benefit for the country, no matter how you sliced it. However, the go-to motto of “Investing in Canada” can be interpreted very differently depending on the individual. Investing in the Canadian public? The government? The Canadian market? And while many equated that phrase with supporting the masses, the contents of the 66-page prospect brochure that investors were given illustrated an entirely different interpretation.
The brochure was essentially a shopping list of shovel-ready projects and transportation assets like highways, dams, and airports that investors could buy. What was presented to the public as a commitment to Canadians began to take on a more “auction”-like form for Canadian goods. As a result, many began to raise concerns regarding the impact of increased privatization of public assets. Others highlighted the impending environmental hazards, should such projects break ground simultaneously. What stood out to me the most was the list of summit attendees. According to the RBC summary report, roughly forty percent of the investors were American. I find it quite dubious of Carney to project such a grand display of Canadian independence and strength whilst simultaneously relying on American dollars to prop up our economy. As important as optics is in politics, the sentiment of maintaining one’s word remains crucial in the eyes of constituents.
In the days leading up to the Summit, peaceful protests were organized to shed light on these issues, with over a thousand people attending, according to CBC News. One such organization, Ontario Against Corruption (OAC), focused its efforts on calling out billionaires, declaring that those in the top 1% were not welcome in Toronto.
Alongside OAC stood Indigenous leaders and environmental advocates who cited the enactment of Bill C5 as an enabler of increased negligence towards treaties, as well as a loophole to bypass environmental policy. Kakeka Thundersky of the Poplar River First Nations told CBC News that she came from Winnipeg to “…confront Carney’s CEO summit to let them know that our lands and our resources are not on the chopping block for their profit and their benefit.”
The discourse surrounding the Summit reflects the age-old idea of equality within a capitalist society. On one hand, it is undeniable that Canada cannot afford to lag in business investment any longer. The reality is that growth requires money, and Canada’s growth remains stunted. In fact, CBC News reported that Canada’s GDP stalled this past July and was only expected to have grown by 0.1 percent in August. On the other hand, putting up infrastructure and projects for sale does not give the public confidence in aiding affordability or long-term stable growth. While conducting research for this article, I spoke to many professors in the political science department, and the most crucial insight I learned was this: Do not take things at face value. In this day and age, further research is a constant benefit. No matter your view, always ask yourself, “Who are the beneficiaries of such events/policy?” More often than not, the truth is not presented up front but rather lies amongst the answers to that question.
Contributed graphic by Rayyan Riaz
