Prime Minister Mark Carney is making changes to the leadership of the government agency responsible for luring foreign investments, just ahead of a significant summit focused on this objective. Carney revealed on Monday that Dominic Barton, a former Canadian ambassador to China and a prominent figure in the corporate sector, will lead the board of directors for Invest in Canada.
Barton’s extensive career includes roles at McKinsey and Co., a renowned global consultancy firm, as well as chair positions at mining company Rio Tinto and LeapFrog Investments. In 2016, under Justin Trudeau’s Liberal government, Barton chaired the economic advisory council, which recommended the establishment of Invest in Canada to attract foreign direct investments.
Having successfully navigated Canada through challenging diplomatic relations with China from 2019 to 2021, Barton’s efforts were acknowledged by Trudeau for aiding in the release of two detained Canadians. Barton will serve as the board chair on a part-time basis for a three-year term, succeeding outgoing chair Karl Tabbakh, who will continue his involvement to facilitate the transition.
Gurinder Grewal, the founder of MEM Growth Partners, assumes the role of chief executive at Invest in Canada. Carney highlighted Grewal’s expertise in deploying capital across various sectors like energy, industrial, infrastructure, and technology. This leadership reshuffle at Invest in Canada occurs just before Carney’s upcoming investment summit in Toronto, where foreign investors and domestic fund leaders will be engaged to promote Canadian projects.
Carney expressed confidence in Barton and Grewal’s abilities to leverage Canada’s strengths to attract new investors, aiming to catalyze substantial investments in the country for a more robust and resilient Canadian economy. Laurel Broten, the outgoing CEO, is succeeded by Grewal, with Dominic LeBlanc, the minister overseeing the federal investment agency, accepting Broten’s early resignation without providing specific reasons.
While Carney commended Tabbakh for his service, no mention of Broten was made in the official statement. The Prime Minister’s Office spokesperson redirected inquiries about Broten’s departure to LeBlanc’s statement, where he thanked her for her service. Insights from an anonymous source involved in planning the investment summit indicated that Invest in Canada’s role has been somewhat limited, with other government departments and pension investment boards taking substantial responsibility for the event logistics.