Canadian Prime Minister Mark Carney is positioning Canada as a ‘safe harbour’ for global investors amid geopolitical and economic uncertainty, the BBC reported. He made the remarks while addressing over 100 major investors in Toronto on Tuesday.

Canada’s Economic Strategy

Carney stated that Canada is ‘perfectly situated to build in the new global economic order.’ The summit in Toronto is a test of whether he can fulfill his pledge to reduce reliance on the US and strengthen economic resilience.

His goal is to attract investments from a group representing more than C$120tn ($86tn; £64tn) in assets. These investments would target sectors like defence, energy, mining, artificial intelligence, and infrastructure.

More than 160 projects, including mines, data centres, and pipelines, are available for investment. As Canada’s trade tensions with the US grow, the country is seeking deeper economic partnerships with Europe, Asia, and the Middle East.

Privatization Plans and Criticism

Carney announced plans to privatize operations for four of the country’s largest airports, which he said would raise billions for transport infrastructure. Canada’s airports have traditionally operated under a not-for-profit governance model, but the federal government will retain ownership of the underlying land and assets.

Labour unions have criticized the proposal, arguing it will negatively impact workers and passengers. The government has emphasized that private investment will be allowed into airport operations, but not asset ownership.

Many of the business leaders attending the Toronto event received personal invitations from Carney, who previously worked in global finance and central banking before entering politics. ‘Our goal is simple: to make Canada the most attractive place in the G7 to invest,’ Carney said on Tuesday morning.

Tariff Tensions and Public Concern

New US tariffs came into effect on several Canadian goods, while others were lifted, and bans on items like alcohol and motorcycles will take effect next week. Trade talks between Ottawa and Washington collapsed last month, leading to mutual tariff impositions.

Carney addressed American executives in Toronto directly, emphasizing Canada’s enduring partnership with the US. ‘We will always be neighbours, and Canada will continue to be the US’s most important partner in many key areas,’ he said.

Protesters accused the government of a ‘great Canadian sell-off’ of public resources and infrastructure to corporate interests. Hundreds gathered outside the opening night gala at a downtown museum on Monday.

‘Half the buyers that he has invited here to Toronto are American,’ said Kai Nagata with advocacy group Dogwood on Monday. ‘Let’s be clear, every piece of our country that we sell off to American billionaires brings us closer to becoming the 51st state.’