The federal government announced Friday that Toronto will be the host of the first Canada Investment Summit in September.Frank Gunn/The Canadian Press
Prime Minister Mark Carney is inviting some of the world’s largest investors to a summit in Toronto in September as Ottawa expands its pitch to attract more foreign investment to Canada.
On Friday, Mr. Carney’s office announced it will hold the first Canada Investment Summit on Sept. 14 and 15. The gathering is intended to draw some of the world’s largest investors, including top chief executives, business leaders and entrepreneurs.
It will be co-hosted by two of the country’s largest pension fund managers, the Canada Pension Plan Investment Board and the Public Sector Pension Investment Board, which together manage nearly $1.1-trillion in assets.
“Canada has what the world wants,” Mr. Carney said in a statement that promotes the country’s energy resources, critical mineral deposits and high levels of education, among other assets.
The summit is intended to “capitalise on those advantages to help drive billions of new investments into Canada,” he added.
For months, Mr. Carney and other government and business leaders have been travelling abroad to pitch Canada as a reliable destination for investment that still has direct access to the U.S. market, in spite of continuing upheaval in trade.
That included a trip to the United Arab Emirates in November, when the UAE pledged to invest $70-billion in Canada.
In April, Finance Minister François-Philippe Champagne visited Beijing with Canadian business leaders and the two countries signed a joint statement intending to deepen financial-sector ties.
Ottawa promised in its most recent federal budget to spur more than $1-trillion in total investment from public, private and institutional partners over five years.
“This forum is a powerful opportunity to bring the world’s leading investors together here, at home, to spotlight Canada’s long-term strengths and investment opportunities, and to help catalyse new relationships and partnerships that can drive increased investment into our country,” PSP Investments CEO Deborah Orida said in a statement.
CBC News first reported the creation of the summit on Friday.