Unlike when Chretien, Martin and Harper led Team Canada business travels around the world to sell Canadian goods and seek out investment in places across Asia primarily, this is inviting the business rather than just the political meet ups where we might be just looking to open up the tourist doors or seek out international students. This is cash and investment in multi-year projects.
Every province and territory has selected projects that are high up on their priorities but can't just be funded by government money. It was only a few years past when German leaders came to Canada pretty much begging to invest in LNG to breakaway from Russian energy. Trudeau said nope. Said there wasn't a market for it and along with some in his cabinet, had the attitude of "keep it in the ground."
There were exceptions to this when private money dried up and anger boiled to the surface, especially in Alberta, that Trans-Mountain was built with federal government money. It hasn't quelled some in Alberta of anger but it is noteworthy that the pipeline to the coast brings in more money than the pipelines to the states. It is also worth commenting that it is the United States which has been the biggest obstacle to pipelines south over 12 years. Regardless, Canada was turning away investment or slow walking decisions that easily could run a decade or more.
It wasn't the only government doing this. Provincial and municipal governments literally stalled work on roads, highways, housing and hospitals. Things were literally falling apart and risk adverse governments and civil service often acted like this is just the way it was. Many had pet projects that came ahead of other crumbling infrastructure. In Winnipeg that would Kenaston and Peguis road expansion over sewer treatment. Every lower level government believed the federal fairy godmother would hand cash over so they could build new infrastructure.
To be sure the Feds have committed money to provinces and cities but they are pushing those governments to commit to bringing forward projects that outside investors will sign up for. In the case of Manitoba, that would be the Port of Churchill expansion. There is not an area of the province this wouldn't help. As for Winnipeg, the biggest areas for international investors have to be the airport and Centreport. Ottawa seems confident that some memorandums and announcements are coming in the next days. To be sure the Churchill investment might be the biggest of the bunch if it comes.
There have been some critics but it is getting harder to separate the cranks from legitimate critical thinkers. Not to mention who in the commentariat that actually be a paid disturber from third parties trying to sow discontent in society. Actual agents. In other words, people you might not be able to trust under any circumstances. During this investment conference, I will be looking to a variety of notable opinions. What I will be looking at is the creation of new businesses, investments in big projects and less takeovers by large corporations. We really don't need startups in Canada being folded up into the U.S. and literally shut down here. I also don't want to investment solely to try and enter the U.S. market as a back door for supply chain elsewhere. I'm also not interested in seeing a lithium mine here open where all the product is owned and shipped out of Canada.
It will be interesting to see what happens and in some cases, announcements may be pending in the days and months that follow. This isn't the only part of Canada's economy strategy. Canada has recruited academic stars, many from the U.S., who come to the country because of funding and freedom to do their work. Military and infrastructure projects abound. Most provinces have generational investments being planned or in progress. And a lot of cities of transportation and road and sewer projects. All of this can lead to bond investments. They can't all be done on taxes at once.
Some union and labour protestors will be present railing against capitalism. Some of them seem to forget that the car industry depends on investment. While some have legitimate concerns, the issue is they don't often bring any plans to the fore except government spending which is unsustainable. So often this turns into heavy taxation and state planning. It is notable that Wab Kinew is part of initiative with Carney to bring investment. There simply isn't enough tax money to do a project like Churchill without investment coming in.
It is probably good to take a measured approach to this conference. The merits of any announcements will be a good exercise in assessing the good overall or the bad as well. What shouldn't happen is outright dismissal or demands to see the entire details even before the day has started. That is just posturing and we are seeing a lot of that from lobbyists, influencers and those seeking to harm Canada.
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