Canada is a ‘safe harbour’ for global finance, Carney says

Canada is a 'safe harbour' for global finance, Carney says. ByJessica MurphyCanada digital editor, Reporting fromTorontoPublished15 September 2026, 14:43 BSTUpdated 2 hours agoPrime Minister Mark Carney is pitching Canada as a "safe harbour" for some of the world's largest investors in an era of geopolitical and economic uncertainty.

What happened

Now, as Canada's top pitch man, Carney is looking to leverage personal relationships from his time spent in the top tiers of global finance to woo some of the world's wealthiest asset managers and business leaders to bet on his country. As its tariffs war with the US grows, Canada is seeking deeper economic partnerships with Europe, Asia and the Middle East and Carney has worked to raise its global profile. "It's not a group of politicians inviting financiers, it's a group of former financiers and investment people inviting their former buddies," added Miville Tremblay, who worked with Carney for several years at the Bank of Canada, and saw his skills on show during the 2008 global financial crisis.

Related topicsCanadaMark CarneyUnited StatesEconomicsTrump tariffsMore on this storyWhat tariffs will really cost Canadians and AmericansPublished6 days agoCarney says US trade war 'will come at a cost' as Canada strikes back on tariffsPublished7 days ago Figure caption, Canada's Mark Carney tells a story about Trump gifting him a key to the White House. Canada is "perfectly situated to build in the new global economic order", he told more than 100 major investors being courted by Ottawa on Tuesday.

Carney has pledged to bring in C$1tn in investments in the ‌next ⁠five years as he seeks to reduce Canada's reliance on the US, and the summit this week is a test of whether he can deliver on promises to strengthen economic resilience.

The wider picture

Many of the business leaders attending the Toronto event received personal invitations from the prime minister, who worked in the top tiers of global finance and was a central banker before turning to politics. "Our goal is simple: to make Canada the most attractive place in the G7 to invest," Carney said on Tuesday morning. Carney gambles on the world's biggest investors betting on CanadaPublished1 day agoCarney eyes 'unique alliance' with EU as trade war with US intensifiesPublished1 day agoImage source, ReutersThe prime minister's office has played down the likelihood of any major announcements coming from the summit, with Carney saying over the weekend it was chance for deep-pocketed financiers to "come to 'peer into our shop window'".

Image source, ReutersByMichael Race, Business and economics reporter and Jessica Murphy, Canada digital editorPublished14 September 2026It's been a little over 18 months since Canadian Prime Minister Mark Carney said his country's relationship with the United States, based on over a century of tight economic and military cooperation, was "over". For two days, Toronto will host more than 100 global investors overseeing more than C$100tn ($72tn; £53tn) in assets, in the hope that new economic relationships will help Canada navigate an increasingly unstable geopolitical climate.

Carney eyes 'unique alliance' with EU as trade war with US intensifiesPublished1 day agoOn Monday and Tuesday, a luxury hotel will host guests from major sovereign wealth funds from around the world – including the United Arab Emirates and Norway – and chief executives from major finance companies, like BlackRock's Larry Fink and Blackstone president Jon Gray. Closing the conference will be Stephen Harper, who appointed Carney to lead Canada's central bank during his time as prime minister.

Over roughly 24 hours, Carney hopes to pitch them on Canada's energy and resource sectors, as well as the country’s political stability, in the hopes of getting them to invest in AI, defence, transportation, and infrastructure projects across the country.

What has been reported

Carney is betting his background will boost his country's economic future, though there's little doubt that Canada stands to lose the most from any permanent divorce with the US, the world's largest economy. "If Carney wants to attract long-term investment. . . he wants this to go well, he has to try and provide a stable environment – and that won't come until Canada has a certain trading relationship with the US. Image source, ReutersImage caption, Protesters gathered in downtown Toronto on Monday to raise concerns about the possible privatisation of public resourcesTremblay said the pitch has to be "Canada has stuff that the world needs" – which is the exact phrasing Carney has opted for.

"Carney has been clear that the road ahead for Canada as it pivots away from its reliance on the US will be a tough one. Still, Drew Fagan, a professor at the University of Toronto's Munk School of Global Affairs, says the main challenge for the prime minister is the current rift with the US happening more rapidly than the time it takes to develop and build new global trade partnerships. Image source, Getty ImagesImage caption, Lando Norris is now five points third-placed Lewis Hamilton in the drivers' championshipByAndrew BensonF1 Correspondent in MadridPublished13 September 2026Lando Norris says he was "insanely unlucky" to lose what seemed like a certain win in the Spanish Grand Prix because of the timing of a virtual safety car.

The prime minister is hosting a major global investment summit, with the goal of attracting investment amid a trade war with the US. As part of that move, Carney announced plans to privatise operations for four of the country's largest airports, saying it would raise billions of dollars that could be reinvested in transport infrastructure.

What happens next

Many developed countries allow some degree of private investment in airports, but Canada has lagged behind and its airports operate under a not-for-profit governance model. The federal government will retain ownership of the underlying land and assets but allow private investments into airport operations, said Carney. The event is also an opportunity for Canada to burnish its reputation as a good place to do business after years of lagging investment performance and a reputation for slow approvals of major projects.

"Time kills all deals," Carney conceded during morning remarks. Economic analysts say Canada needs to make significant policy changes to help attract investment, including more competitive tax and regulatory systems, and ensuring a supply of skilled labour. Image source, ReutersImage caption, Protestors on Monday accused the Carney government of selling off the countryTrade talks between Ottawa and Washington collapsed last month and the two countries have since imposed tit-for-tat tariffs. Carney addressed the American executives in Toronto directly.

The report has been compiled by The Daily Waves using information reported across bbc.co.uk, cnbc.com, theverge.com. Details are presented according to the information available at the time of publication and may change as authorities, organisers or other relevant parties provide updates.