TORONTO, Sept 14 (Reuters) - Canadian Prime Minister Mark Carney welcomes dozens of global investors to Toronto this week, hoping to lure investments for more than 160 projects that he says are key to steering Canada's economy through a trade war with the United States. Carney, a former Goldman...
finance.yahoo.com
Canadian Prime Minister Mark Carney welcomes dozens of global investors to Toronto this week, hoping to lure investments for more than 160 projects that he says are key to steering Canada's economy through a trade war with the United States.
Carney, a former Goldman Sachs executive and central bank chief, on Monday held bilateral meetings with attendees including BlackRock CEO Larry Fink and Blackstone President Jon Gray, his office said.
The summit, to be held mainly on Tuesday, will host discussions for future investments, although major deals could take 12 to 18 months to materialize, a government source said. Carney has pledged to attract investments of C$1 trillion ($721 billion) in the next five years by cutting red tape and developing mining, energy, technology and infrastructure projects.
"The world's largest investors, managing over C$120 trillion of assets, will come to 'peer into our shop window' because the world is looking at Canada differently," Carney said at a welcome reception on Sunday.
Attracting investment is crucial for Canada's economy to weather mounting tariffs imposed by the United States, Canada's top trade partner. Carney has sought to do business with new partners in the Middle East and Asia and to strengthen Canada's alliance with Europe.
Carney has tried to address past concerns of a tedious and time-consuming regulatory regime and lack of large-scale investment-grade projects in the country.
On Monday, Finance Minister Francois-Philippe Champagne said the federal tax agency will prioritize advance income tax ruling requests for investments of C$1 billion or more to help investors get a binding decision quickly on how tax law will apply to a proposed deal before they commit capital.