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OTTAWA — The Carney government needs to be more transparent in identifying which types of major projects are national priorities, says a leading think tank on the eve of a major Canadian investment summit.
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In an open letter to be released Friday, the C.D. Howe Institute said Canada also needs to be clearer about processes and timelines for major projects, which have been identified by the federal government as a key building block in efforts to build a stronger economy.
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After almost a decade under former prime minister Justin Trudeau where infrastructure investments waned, Prime Minister Mark Carney opened up a major projects office in Calgary a year ago to try to speed up regulatory approvals and financing. A number of projects have since been approved but some of those were already in the works, while others have been approved but are not yet under construction.
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“This is how we give investors the certainty they need, complete projects more efficiently, and create lasting economic growth,” the institute wrote in a document obtained by National Post.
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The letter, from the institute’s chief executive Jeremy Kronick, also says that if Canada is to attract more investment, the country needs to better leverage its abundant energy resources, while using both conventional and renewable energy to better diversify the economy.
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C.D. Howe also argues that the government needs to cut both business and individual taxes so that Canada is more attractive to new capital.
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The Canada Investment Summit is to be held in Toronto on Sept 14-15 and is expected to attract about 250 investment and financial services leaders from around the world. The event is seen as an important opportunity for Canadian political and business officials to sell Canada as a place to invest.
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Achieving that goal became more difficult late last month, however, when trade talks with the United States broke down, leaving access to the world’s largest market uncertain in some sectors.
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The summit is a key piece of Ottawa’s effort to attract at least $1 trillion in investments — at least half of that new and from the private sector — over the next five years in areas such as infrastructure, mines, energy, defence, housing and artificial intelligence.
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Many of the summit’s events are led by Canadian political or business leaders who are expected to present Canada’s case. Carney is scheduled to open the event with a keynote speech.
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National Post
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