Prime Minister Mark Carney has revealed that Ottawa is actively engaged in a $1 billion initiative to enhance Canada’s critical minerals processing capacity, with an added bonus of attracting approximately $70 billion in investments from the United Arab Emirates. Carney shared this news following his visit to Abu Dhabi, which primarily centered around trade discussions amidst growing concerns over the Sudan conflict.
During a speech at the Canada-U.A.E. Business Council, Carney expressed his satisfaction with the ongoing negotiations on the substantial project. This endeavor aims to broaden Canada’s critical minerals processing capabilities, leading to job creation and bolstering the long-term mineral supply crucial for energy technologies and advanced manufacturing.
Highlighting the significance of the new project, Carney emphasized its role in fostering economic growth and human advancement. He underscored Canada’s prominence in artificial intelligence, quantum technologies, and life sciences, stressing the importance of leveraging these strengths for the betterment of society.
Furthermore, Carney extended a personal invitation to Emirati investors to explore opportunities in Canada and participate in major projects. This invitation followed the recent signing of an investment-protection pact and the commencement of trade negotiations between the two countries. The U.A.E. has committed to investing a substantial sum of $70 billion in Canada, marking a significant show of confidence in the Canadian economy.
Carney’s office clarified that the investment from the U.A.E. forms part of a bilateral investment framework agreement, with specific sectors such as energy, artificial intelligence, logistics, mining, and other strategic industries set to benefit from the funding. The timeline for the flow of these funds was not disclosed.
In his address, Carney expressed strong confidence in the potential for Canada and the U.A.E. to significantly boost bilateral trade within a short timeframe. He emphasized the alignment between the two nations as trading partners and energy leaders transitioning towards sustainable practices.
Addressing the apparent differences between Canada and the U.A.E., Carney emphasized their deep alignment and shared commitment to technological advancement. He highlighted the U.A.E.’s advanced utilization of artificial intelligence and its stature as a sophisticated investor globally. Carney outlined plans for a trade mission to the U.A.E. in the upcoming year, focusing on AI, energy, and agriculture to usher in a new era of collaboration following his historic visit.
Furthermore, Carney disclosed that he engaged in discussions with U.A.E. President Sheikh Mohamed bin Zayed Al Nahyan concerning the situation in Sudan. While not explicitly stating a stance on the accusations of supporting ethnic violence, Carney reiterated their dialogue on U.S. President Donald Trump’s peace initiatives in Sudan.
Carney’s remarks to investors preceded his departure to Johannesburg for the G20 summit, where he outlined Canada’s priorities, including enhancing critical mineral supply chains, leveraging AI for sustainable development, disaster prevention, global development funding reforms, and promoting gender equality through economic empowerment.