Prime Minister Mark Carney is making changes to the leadership of the federal agency responsible for attracting foreign investment just before a significant summit focused on this objective. Carney recently revealed 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’s professional background includes extensive tenure at McKinsey and Co., a global consulting firm. He also serves as the chair of mining company Rio Tinto and LeapFrog Investments. Notably, Barton led the Liberal government’s economic advisory council under Justin Trudeau in 2016. One of the key recommendations from the council was to establish Invest in Canada to facilitate foreign direct investment.
During the challenging diplomatic relations between Canada and China from 2019 to 2021, Barton played a crucial role in navigating the situation. Prime Minister Trudeau acknowledged Barton’s efforts in the safe return of Michael Kovrig and Michael Spavor, two Canadians detained in China during that period. Barton is set to serve as the chair on a part-time basis for a three-year term. The outgoing chair, Karl Tabbakh, will continue to support the transition by remaining on the board of Invest in Canada.
In a significant move ahead of Carney’s investment summit in Toronto, Gurinder Grewal, the founder of MEM Growth Partners, will assume the role of Chief Executive Officer at Invest in Canada. Carney highlighted Grewal’s expertise in deploying capital across various sectors such as energy, industrial, infrastructure, and technology. These changes come just before the upcoming investment summit where Carney aims to attract foreign investors and local fund leaders to explore Canadian projects.
Carney expressed confidence in Barton and Grewal, emphasizing their abilities to leverage Canada’s strengths to attract new investors. He anticipates that under their guidance, Invest in Canada will drive substantial investments into the country, fostering a more robust and resilient Canadian economy for all stakeholders.
The transition also involves Laurel Broten stepping down as the CEO, with Gurinder Grewal taking over the position. Dominic LeBlanc, the minister overseeing the federal investment agency, confirmed Broten’s resignation effective September 1. Although no specific reasons were provided for her early departure, Carney commended Karl Tabbakh for his service as the previous chair of Invest in Canada but did not mention Broten in his statement.
Regarding Broten’s resignation, the Prime Minister’s Office spokesperson redirected inquiries to LeBlanc’s statement, where he thanked Broten for her years of service and extended best wishes for her future endeavors. A source familiar with the planning for the September investment summit, who requested anonymity, mentioned that Invest in Canada’s involvement has been mostly limited to a few staff members assisting with logistical aspects of the event. The source indicated that the Prime Minister’s Office, along with other government departments, has been leading the summit preparations, supported by entities like the Canada Pension Plan Investment Board and Public Sector Pension Investment Board.