U.S. President Donald Trump is seeking to bring factories and investment into the United States, while Canadian Prime Minister Mark Carney is working to attract billions of dollars in capital to Canada.
Around 300 CEOs and senior executives from some of the world's largest investment firms are expected to gather this week at the Four Seasons hotel in Yorkville, an upscale Toronto neighborhood known for its luxury restaurants and designer boutiques, for Carney's Canada Investment Summit.
The investors collectively oversee more than $120 trillion in assets, highlighting the enormous pool of capital Carney hopes to attract as Canada seeks billions of dollars in fresh investment and attempts to reduce its economic reliance on the United States.
"Canada is about so much more than being next to the United States," Carney said at a news conference last week in Banff, Alberta. "We have what the world wants."
Carney highlighted Canada's abundant energy and critical mineral resources, highly educated workforce and trade agreements that provide businesses based in the country access to about 1.5 billion consumers globally.
He said the strong participation in the summit demonstrated that investors were interested in Canada for its own strengths.
"They are coming because of Canada," he said. "If they wanted to go to the United States, they would go to the United States."
Carney is particularly familiar with the investment community. He previously headed the central banks of Canada and England, spent 13 years at Goldman Sachs and later served as chairman of the boards of Bloomberg L.P. and Brookfield Asset Management.
On Monday, Carney is scheduled to meet separately with the CEOs of Sydney-based Macquarie Group, whose asset-management division is the world's largest infrastructure investment manager, and Singapore's state-owned Temasek Holdings, a major global investment firm.
A Canadian official described the summit as the largest gathering of investment decision-makers ever held in Canada, alongside Canadian CEOs presenting projects at different stages of development.
However, the official cautioned that the event is unlikely to result in a surge of deals during the summit itself, with the most significant outcomes expected over the next 12 to 18 months. The official spoke on condition of anonymity because they were not authorized to discuss the matter publicly.
Trade war raises stakes
The summit comes at a crucial time for Canada. Trade negotiations broke down on Aug. 21, after which Trump imposed 50% tariffs on about $20 billion worth of Canadian goods, prompting retaliatory measures from Canada.
Washington subsequently escalated the dispute by announcing restrictions on some Canadian imports and moving to exclude Canadian products from major long-term U.S. government contracts.
Trump's tariffs and efforts to shift manufacturing to the United States are weakening one of Canada's longstanding attractions for foreign investors: dependable access to the huge U.S. market under continental free trade.
Carney and Canadian business leaders will seek to persuade global investors to look beyond the trade dispute and increase their investments in Canada.
Carney is also drawing a clear contrast between Canada and Trump's United States, presenting his country as a stable, rules-based alternative to an increasingly unpredictable U.S. market.
Investors coming to Canada will find "a country that respects rule of law and a country that is reliable," Carney said.
"That combination is pretty rare in the world," he said. "And it's an attractive combination."
Carney reinforced that message Sunday, telling Canadian business leaders that the country's greatest strength was something "that cannot be found on any balance sheet: trust."
John Graham, CEO of CPP Investments, one of the world's largest institutional investors and manager of Canada Pension Plan assets, is helping host the summit. He said the fund evaluates investment opportunities in Canada alongside opportunities elsewhere in the world.
"The conversation about Canada is changing," Graham said.
Summit seeks to channel global capital into Canadian projects
The summit is intended to connect global investors, including Canada's major pension funds, with large-scale projects in critical minerals, technology, defense, advanced manufacturing and energy.
According to a Canadian official, Carney's private meetings with investors will be tailored to their portfolios and the types of projects they are considering financing.
BlackRock CEO Larry Fink and Blackstone President Jon Gray are scheduled to lead a public discussion on global capital, while former Conservative Prime Minister Stephen Harper is expected to deliver the closing address.
Carney will then travel to Europe, where he is scheduled to address the European Parliament later this week as Canada seeks to develop a broader strategic partnership with the European Union.