A coalition of advocates representing workers and civil society gathered outside of city hall Monday to voice their concerns about foreign investment ahead of a summit organized by Prime Minister Mark Carney.
The Canada Investment Summit takes place on Monday and Tuesday in Toronto and is hosted by Carney, who has invited over 100 of the world’s largest investors from around the world in the hopes of securing $1 trillion in investments in some 167 projects across the country over the next five years.
The summit gives the prime minister the opportunity to pitch Canada as a safe and reliable place for investment at a time of economic uncertainty, but some aren’t sold on outside investment yielding positive results for everyday Canadians.
Rachel Small, an organizer with World Beyond War, a non-profit that campaigns against conflict, said Canadians are struggling to afford rent and the cost of living, and need more investment in education, transit and health care.
“Carney is doing the opposite of that,” she said.
“He is selling our public resources without any guaranteed returns and at the same time growing industries that will push the world towards greater war and climate catastrophe.”
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“These billionaires make decisions behind closed doors in our city to decide our futures. Our future is not for sale,” Small said.
Monday’s assembly of speakers gathered under the banner “The Many vs. The Money,” arguing the summit is designed to “auction off” Canadian public resources, according to its website.
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National sovereignty and the impact of various projects on the environment was also a prominent concern throughout the speeches.
“Everybody worries about their own backyard. Our front yard is this entire planet and we must stand together to protect it.” said Wet’suwet’en Nation Hereditary Chief Na’Moks.
“They’re taking everything we survive on and are willing to sell it to foreign investors.”
CBC Toronto has reached out to Environment and Climate Change Canada for comment.
Speaker Nik Barry-Shaw, trade and privatization campaigner for the Council of Canadians, which advocates for clean water, green energy and fair trade, referenced the prime minister’s speech to the World Economic Forum in Davos, Switzerland in January when he said: “If we’re not at the table, we’re on the menu.”
“I’ve been looking around the table that Carney has set for this summer and I don’t see any of us at the table,” he said. “Does that mean we’re on the menu?”
Ontario Premier Doug Ford said in a statement Sunday that he welcomes foreign investment, noting 15 major projects in the province “worth tens of billions of dollars” are set to be discussed. They range from mining to energy production and AI.
“We are building an economy that can compete with anyone, anywhere,” he said in the statement. “That’s going to be my message throughout the Canada Investment Summit.”
“Ontario has what the world needs and we’re going to make sure the world knows it.”
Jeff Mahon, director for geopolitical and international business at consulting firm StrategyCorp., told CBC Radio’s Metro Morning that concerns over foreign investment are not new, and pointed to Canada’s Investment Canada Act, which reviews deals for their net benefit and impact on jobs and economic competitiveness.
“Foreign investment is really important for the Canadian economy, but there’s always going to be some considerations on whether the owner or type of investment will lead to some challenges down the line,” he said.
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Mahon said Canada’s trade war with the U.S. is “definitely” a catalyst for the initiative, and understands the push to drive more outside funding.
“When the U.S. shuts down market access or threatens market access, that undermines investment confidence in Canada,” he said. “If we don’t have investment coming in then that means future economic activity is inhibited, it’s going to be undermined.”
“Those investment dollars lead to productive investment … that means future economic growth could be higher.”
