In New York, Carney pitches investment in Canada, reminds Americans of Canada’s value as a partner
Prime Minister Mark Carney, pictured with Nader Mousavizadeh, Founding Partner and CEO of Macro Advisory Partners, at the Economic Club of New York. / TWITTER PHOTO
Prime Minister Mark Carney announced he wants to catalyze $1 trillion in domestic investment over five years, telling business leaders in New York that Canada is repositioning itself in a fractured global economy through a sweeping agenda of domestic investment and international deal-making.
Speaking at the Economic Club of New York, Carney said the investment — spanning energy, transportation, data and defence — would be backed by what he called the most competitive new-investment tax rate in the G7. “We have introduced a Productivity Super-Deduction giving Canada the most competitive tax rate for new investment in the G7 — half the G7 average, and four percentage points below the United States,” he said.
In his speech, Carney spoke about Canada's energy ambitions, projecting LNG exports of nearly 50 million tonnes annually by 2030, doubling by 2040, alongside a potential pipeline carrying “at least one million barrels of low-emission Alberta oil per day to Asian markets.” He also cited 56 critical minerals agreements signed in the past year, unlocking over $18 billion in capital. “That is what an energy superpower looks like when it decides to act like one,” he said.
On trade, Carney said Canada is on track to double its market access this year through new deals with India, ASEAN, Mercosur, Thailand and the Philippines, building on existing agreements covering 1.5 billion consumers.
The speech, mostly directed at U.S. business leaders and policy makers, argued the depth of Canada and the U.S.'s economic integration makes cooperation the logical path. Carney noted that Canada is America's largest customer, “buying more goods than China, Japan, and Germany combined,” and supplies 99% of U.S. natural gas imports, 85% of electricity imports, and 60% of crude oil imports.
“That is mutual strength,” he said. “Canada Strong will help make America great again.”
He called for a “true partnership that re-imagines cooperation in specific sectors deeply challenged by global competition.”
“Above all, this is good for all Canadians, but it is also good for the United States, because it makes us a better ally. We know that, while Canada and the United States have had our differences over the years, we have always, eventually, worked through them, because our shared values and common interests run deep. They run through our economies.”
