Canada Shoots For US$720 Bln In Project Investments
TRENTON (Canada), Sept 15 (NNN-Anadolu) -- Facing a fierce trade war with the United States, Canada convened a summit Monday that is chasing CAN$1 trillion (US$720 billion) from about 100 high-powered, deep-pocketed global investors, Anadolu Ajansi reported.
Dubbed the Canadian Investment Summit, the two-day event in Toronto hosts international investors and domestic business magnates.
Prime Minister Mark Carney is trying to lure major capital investment to the country to help offset the Canada-US trade war that has rocked bilateral ties.
There are about 170 financial projects being pitched to potential investors. including an oil pipeline from Alberta’s oil sands to the western British Columbia coast for shipment. Mining and metal investment and marine and port infrastructure are also on the table.
Carney is no stranger to the business world and has rubbed shoulders with the financial elite, having served as governor of both the Bank of Canada and the Bank of England.
During a welcoming reception, Carney said new opportunities are up for grabs.
“Tomorrow, something remarkable will happen,” Carney said. “The world is looking at Canada differently. And I suggest we should look at ourselves differently, too,” the Toronto Star daily reported.
Carney has the promise of heavy financing from domestic banks, including the Bank of Montreal and the Canadian Imperial Bank of Commerce, and pension funds. Carney said they have committed hundreds of billions of dollars to help fund projects.
He is banking on billions in investments over five years that will provide a financial cushion should the trade war with the US continue.
The initiative is all about selling the world on the stability and financial safety of Canada, a country that has a wealth of in-demand goods.
“We have what the world wants,” said Carney. “The energy, the resources, the talent, the technology. And our greatest strength is something that can’t be found in any balance sheet: Trust.”
--NNN-ANADOLU
