Harper Backs Carney's Push to Diversify Away From the U.S.

Former prime minister Stephen Harper delivered the closing address at Prime Minister Mark Carney's first Canada Investment Summit in Toronto on Sept. 15, endorsing the push to diversify the economy away from the United States.

The summit was organised by the Carney government to boost the economy and held at the Four Seasons Hotel. It aimed to match about 100 global investors with Canadian chief executives, companies and local officials to facilitate investments or partnerships, according to Reuters. Carney set a five-year target of $1-trillion in new investment. He later said the Toronto meeting produced nearly $500-billion in new commitments, according to The Globe and Mail.

Harper told the audience it was now clear the U.S. views economic integration with Canada as incompatible with Canadian sovereignty. He called that state of affairs "sad." He then said: "It leaves no choice but for Canada to pursue diminished reliance on the U.S."

He added that diminished reliance will bring significant costs. Canadians are able and prepared to accept them, he said.

On energy, Harper praised Carney for course-correcting Canada's bid to become an energy superpower. In 2015, Harper said, Canada was poised to become an energy superpower and today it is not because of deliberate policy choices over the next decade.

Harper also backed Carney's decision to walk away from U.S. trade talks, according to CBC. During the summit, Carney announced a corporate tax 'mega deduction,' according to The Globe and Mail.

Carney said Harper was invited because he holds influence with business leaders and investors and because he is a patriot. The personal link is long-standing. Carney was appointed as Bank of Canada governor by Harper, and the two speak regularly. Harper is board chair for the Alberta Investment Management Corp.

The broader context here is about credibility with capital. A former prime minister vouching for a sitting prime minister's plan lowers perceived policy risk, or the fear that the rules will change after an election. It works like a job reference from a former boss. It signals to funds and corporate boards that diversification plans will survive electoral cycles. That matters when Ottawa asks investors to price long-horizon energy and infrastructure commitments.

Looking at what this means for federalism, the energy superpower language will be watched closely in producing provinces and in Quebec. Investment pledges made in Toronto still have to travel through regulatory approvals, Indigenous consultation and provincial cooperation. The test is not the summit total. It is conversion.

In my view, the choice of closer matters as much as the numbers. Governments routinely announce large summit totals. Sophisticated investors discount them until projects reach final investment decision — the formal commitment to build and spend. Cross-partisan backing does not change that discipline, but it can shorten the political risk conversation in boardrooms.