Prime Minister Mark Carney is set to meet with Bay Street executives on Friday afternoon in Toronto to promote the government's economic growth agenda and encourage increased investment from business leaders. Earlier this week, the Prime Minister's office contacted chief executive officers at some of Canada's largest banks and pension plans to arrange an hour-long roundtable focused on "fostering effective public-private cooperation," according to an invitation reviewed by The Globe and Mail.
Mr. Carney invited CEOs to share their perspectives on two key topics. The first is Canada's current economic conditions and outlook. The second item on the agenda is "promoting economic growth and mobilizing capital." Encouraging Canadian companies to invest more and banks to lend more freely has been a priority for Mr. Carney since his tenure as governor of the Bank of Canada starting in 2008. In 2012, as central bank head, he criticized corporate Canada for holding large amounts of "dead money" that should be either invested productively or returned to shareholders.
The Prime Minister is also expected to provide updates on trade negotiations between Canada, the United States, and Mexico, according to sources at financial institutions. The Globe and Mail is not naming the sources as they are not authorized to discuss the meeting. On Thursday, a trade delegation from Mexico arrived in Toronto and was welcomed by Dominic LeBlanc, Canada's Minister responsible for Canada-U.S. trade. The Mexican group will also visit Montreal and has scheduled over 1,800 business-to-business meetings.
CEOs from at least three major banks and pension funds are expected to attend the meeting, according to the sources. Following the economic roundtable, the Prime Minister will attend the Toronto Tempo's WNBA debut—their opponent on Friday night is the Washington Mystics—and a gala hosted by think tank Canada 2020, featuring a speech from former U.S. President Barack Obama. Additionally, Mr. Carney will meet with the President of Guyana, Dr. Mohamed Irfaan Ali, as per his official agenda.
Former prime minister Stephen Harper often held informal meetings with CEOs during government visits to Toronto, according to an executive at one of the financial institutions invited to the session with Mr. Carney. These gatherings ceased after Justin Trudeau took office in 2015, although former finance minister Chrystia Freeland regularly met with Bay Street executives in the same office Mr. Carney is using for Friday's meeting.
