Prime Minister Mark Carney said on Friday that he would host a meeting of investors and executives in September, seeking to attract 1 trillion Canadian dollars, about $730 billion, in investment in Canada. <\/p>\n
The investment plan is part of Mr. Carney\u2019s ambitious efforts to reduce Canada\u2019s economic dependence on the United States in response to President Trump\u2019s trade war with his country.<\/p>\n
Mr. Carney also hopes to exploit shifts in global energy markets brought about by Russia\u2019s attack on Ukraine and the American and Israeli strikes on Iran.<\/p>\n
\u201cCanada has what the world wants,\u201d Mr. Carney said in a statement announcing the meeting, which will take place in Toronto. \u201cWe\u2019re an energy superpower, with the most educated work force in the world and rock-solid fiscal strength.\u2019\u2019<\/p>\n
The meeting, he added, \u201cwill capitalize on those advantages to help drive billions of new investments into Canada.\u201d<\/p>\n
Mr. Carney has called Canada an \u201cenergy superpower,\u201d and the country is the United States\u2019 largest source of imported oil. <\/p>\n
But there is widespread agreement that Canada needs to not only attract more investment from abroad but also keep investment money within its borders.<\/p>\n
In a report released this week, the Royal Bank of Canada calculated that Canada has experienced a net loss of $1 trillion<\/a> in investment over the last decade.<\/p>\n \u201cFor every dollar invested in Canada from abroad, two dollars exited,\u201d the report said. It found that pension and asset funds in Canada control about $10 trillion in assets, much of which is invested abroad, and suggested that more of that could be kept within the country.<\/p>\n After working as the head of central banks in Canada and England, Mr. Carney was vice chairman of Brookfield Asset Management, a subsidiary of Brookfield Corporation of Toronto, which manages about $1 trillion of investments.<\/p>\n