Prime Minister Mark Carney is making changes to the leadership of the federal agency responsible for attracting foreign investment, just ahead of a significant summit focused on this goal. Carney recently announced that Dominic Barton, the former Canadian ambassador to China and a prominent figure in the corporate world, will now head the board of directors for Invest in Canada.
Barton brings extensive experience from his tenure at McKinsey and Co., a global consultancy firm, as well as his current roles as chair of mining company Rio Tinto and LeapFrog Investments. He previously chaired the Liberal government’s economic advisory council under Justin Trudeau, which recommended the establishment of Invest in Canada to attract foreign direct investment.
During a challenging diplomatic period with China from 2019 to 2021, Barton played a crucial role. His efforts were acknowledged by Trudeau when he helped secure the release of two detained Canadians, Michael Kovrig and Michael Spavor. Barton is appointed as chair for a three-year term on a part-time basis, succeeding outgoing chair Karl Tabbakh, who will continue to support the agency’s transition.
Gurinder Grewal, the founder of MEM Growth Partners, will step in as the new chief executive of Invest in Canada. Carney highlighted Grewal’s expertise in capital deployment across various sectors like energy, industrial, infrastructure, and technology. This leadership change at Invest in Canada occurs just prior to Carney’s upcoming investment summit in Toronto, where he plans to engage foreign investors and domestic fund leaders to promote Canadian projects.
Carney expressed confidence in Barton and Grewal’s abilities to leverage Canada’s strengths and attract new investors, aiming to catalyze substantial investments that will contribute to building a stronger and more resilient Canadian economy. The outgoing CEO, Laurel Broten, a former Ontario cabinet minister, will be succeeded by Grewal.
Meanwhile, Dominic LeBlanc, the minister overseeing the federal investment agency, accepted Broten’s resignation effective September 1. Broten’s departure, occurring prematurely in her term, was not elaborated on. Carney acknowledged Tabbakh’s service but did not mention Broten in his statement.
In response to Broten’s resignation, the Prime Minister’s Office spokesperson deferred comments, referring to LeBlanc’s statement. A source familiar with the planning of the September investment summit mentioned that Invest in Canada’s involvement has been limited, with most responsibilities falling on staff within the Prime Minister’s Office and other government departments, in collaboration with pension investment boards.
Overall, the changes in leadership at Invest in Canada signal a strategic shift to enhance the agency’s effectiveness in attracting foreign investment and fostering economic growth in Canada.
