Prime Minister Mark Carney is revamping the leadership of the federal agency responsible for luring foreign investments just ahead of a significant summit intended for that purpose. Carney recently disclosed that Dominic Barton, the former Canadian ambassador to China and a prominent figure in corporate Canada, will head the board of directors for Invest in Canada.
Barton’s extensive professional background includes tenure at McKinsey and Co., a global consulting firm, as well as serving as the chair of mining company Rio Tinto and LeapFrog Investments. In 2016, Barton assumed the role of chair of the Liberal government’s economic advisory council under Justin Trudeau, which recommended the establishment of Invest in Canada to attract foreign direct investments.
During a tumultuous diplomatic period with China from 2019 to 2021, Barton played a pivotal role. Trudeau acknowledged Barton’s efforts in securing the release of detained Canadians Michael Kovrig and Michael Spavor during this challenging time. Barton is appointed as chair for a three-year term on a part-time basis, with outgoing chair Karl Tabbakh supporting the transition on the board of Invest in Canada.
Gurinder Grewal, the founder and managing partner of MEM Growth Partners, is appointed as the new chief executive of Invest in Canada. Carney highlighted Grewal’s expertise in deploying capital across various sectors like energy, industrial, infrastructure, and technology. The restructuring at Invest in Canada is happening just before Carney’s upcoming investment summit in Toronto, where he aims to attract foreign investors and domestic fund leaders to Canadian projects.
Carney emphasized that Barton and Grewal possess the necessary skills to leverage Canada’s strengths and attract new investors. He expressed confidence that under their leadership, Invest in Canada will drive substantial investments into the country, fostering a stronger and more resilient Canadian economy for all.
The announcement of Laurel Broten’s departure as the outgoing CEO was made by Dominic LeBlanc, the minister responsible for the federal investment agency. No specific reason was provided for Broten’s early exit. Carney commended Tabbakh for his service as Invest in Canada’s chair but did not mention Broten in his statement.
In conclusion, the changes in leadership at Invest in Canada are strategically timed to position the agency for success in attracting investments, with a focus on fostering economic growth and resilience for the nation.