By Barry Ellsworth
TRENTON Ont. (AA) – Prime Minister Justin Trudeau played host Monday to international investors who control CAN$21 trillion in a bid to convince them to put money into Canadian infrastructure, Canadian media reported.
The ascent of President-elect Donald Trump may help Trudeau lure CAN$180 billion in investments, since Trump has expressed opposition to free trade deals, making Canada more appealing, CTV News television reported.
“For Canada, this is a huge new opportunity … for countries like China, for the Middle East, looking to be a part of North America, we [Canada] are a better place to be,” former Quebec premier Jean Charest told CTV. “For Europeans with whom we now have a trade deal [Comprehensive Economic Trade Agreement], we are the landing strip for investment in North America.”
Trudeau met with Canadian investors early Monday, then international investors in the afternoon, reported the Canadian Broadcasting Corporation (CBC), Canada’s national newscaster.
He wants the people representing pension funds and financial institutions to put CAN$180 billion into the Canadian infrastructure – rail transit, green environmental projects and other types –over a 12-year period to spur sluggish economic growth.
The “investors’ summit” as the CBC termed it, comes two weeks after Finance Minister Bill Morneau announced plans to create an infrastructure bank in 2017. The Trudeau government pledged $35 billion to the new bank and anticipates the private sector will match one dollar of federal cash with $4-$5 in private funding.
“There is an enormous amount of interest in making infrastructure investments,” Morneau told the CBC.
The Financial Post, a Canadian business publication, said Trudeau and nine members of his Cabinet were expected to tell investors there is a huge opportunity in Canadian toll bridges, energy grids and water systems.
“Canada is open for business,” said Cameron Ahmad, a spokesman for the prime minister’s office.
One insider told the CBC that the election of the unpredictable Trump may help sell Canada at the investors’ summit.