Carney opens summit, pivots Canada to Europe

Prime Minister Mark Carney opened the Canada Investment Summit in Toronto and will travel to Europe, aiming to mobilize 1 trillion Canadian dollars to limit reliance on the U.S. market.

Reaction pending.

Officials said the United States implemented 50 percent tariffs on Canadian goods this week, a move that coincides with the summit and frames Ottawa’s pitch to foreign investors. Carney framed the gathering as part of a broader roadmap to bring capital into Canadian manufacturing and expand trade links with Asia and Europe.

"Canada has immense opportunities in both Europe and Asia. And we have not fully realized our potential in these markets," Carney said on the summit’s opening day. The summit aims to mobilize 1 trillion Canadian dollars over the next five years, officials said.

1 trillion Canadian dollars target

The government prospectus listed more than 160 major projects across eight sectors, officials said, naming 11 conventional energy projects, 31 clean energy projects and 63 mining and metals projects. Notable items include a C$35 billion pipeline from Alberta to the Pacific coast, a C$28.5 billion liquefied natural gas project in British Columbia and a C$79 billion expansion of the Port of Churchill.

About 300 business leaders attended the summit, and the priority pipeline covered energy, critical minerals, advanced technologies and major infrastructure, officials said. A TD Bank report predicted that, with effective execution, Canada could enter an investment "super-cycle" lasting a decade or longer and lift output per capita by C$12,000.

Carney will address the European Parliament and meet leaders in Britain and France during a three-day visit starting Tuesday, officials said. Watch Oct. 29-30, 2026, when Canada hosts the Canada-EU Summit to test whether the push secures durable non-U.S. capital and trade links.