Prime Minister Mark Carney is revamping the leadership of the government agency responsible for luring foreign investments just ahead of a significant summit focused on this objective. Carney revealed that Dominic Barton, a former Canadian ambassador to China and a prominent figure in the corporate sector, will now head the board of directors for Invest in Canada.
Barton’s professional background mainly revolves around his tenure at McKinsey and Co., a global consulting firm. Additionally, he currently serves as the chair of mining company Rio Tinto and LeapFrog Investments. In 2016, Barton was appointed as the chair of the economic advisory council by the Liberal government under Justin Trudeau, with one of the council’s key proposals being the establishment of Invest in Canada to attract foreign direct investments.
During a challenging diplomatic phase with China from 2019 to 2021, Barton played a crucial role. Trudeau acknowledged Barton’s efforts in facilitating the release of detained Canadians, Michael Kovrig and Michael Spavor, during this tense diplomatic period. Barton is set to lead as the chair for a three-year term on a part-time basis, succeeding outgoing chair Karl Tabbakh, who will continue supporting the transition within Invest in Canada.
In a notable development, Gurinder Grewal, the founder and managing partner of MEM Growth Partners, will assume the role of chief executive at Invest in Canada. Carney highlighted Grewal’s expertise in deploying capital across various sectors including energy, industrial, infrastructure, and technology.
The restructuring at Invest in Canada is strategically timed, occurring just a fortnight before Carney’s upcoming investment summit in Toronto. The summit aims to gather foreign investors and key players from major domestic funds to showcase potential Canadian projects. Carney expressed confidence in Barton and Grewal’s capabilities to leverage Canada’s strengths to attract new investors, emphasizing the significant role Invest in Canada will play in catalyzing substantial investments to fortify the Canadian economy.
Furthermore, Laurel Broten, the outgoing CEO, will be succeeded by Grewal. Dominic LeBlanc, the minister overseeing the federal investment agency, confirmed Broten’s resignation effective September 1, ending her tenure prematurely. No specific reasons were provided for her early departure, with no mention of Broten in Carney’s remarks, who commended Tabbakh for his service at Invest in Canada.
The Prime Minister’s Office declined to comment on Broten’s resignation, deferring to LeBlanc’s statement. A source familiar with the planning of the investment summit in September highlighted that Invest in Canada’s involvement has been somewhat limited, with key contributions coming from staff within the Prime Minister’s Office and various government departments, along with collaboration from the Canada Pension Plan Investment Board and Public Sector Pension Investment Board.