Canada PM names key projects to jumpstart Trump-hit economy
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[ALBERTA, Canada] Canada’s Prime Minister Mark Carney unveiled his initial list of major national projects on Thursday, backing critical minerals, nuclear power and port expansion to bolster an economy threatened by US President Donald Trump.
Doubling production of liquified natural gas was also on the list from the prime minister, who has vowed to speed up cumbersome, bureaucratic approval processes that experts say have scared off investment and stunted Canada’s economic growth.
“The definition of fast has changed dramatically. This country is open for business,” the former central banker said at the announcement in the western province of Alberta, Canada’s energy hub, where the newly formed Major Projects Office is based.
Since entering office in March, Carney has warned Canada will face persistent economic upheaval as Trump works to overhaul the US-led global trading order.
He has said Canada needs to revitalise its economy with major infrastructure spending and improve productivity, while it seeks to curb reliance on the United States.
Carney’s Major Projects Office has been tasked with fast-tracking projects, easing approvals and helping to secure financing.
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The first five projects referred to the office - which were already underway are an LNG plant in the western province of British Columbia, a nuclear power plant in Ontario, expansion of the Port of Montreal and two mining projects.
Carney said he would prioritise an all weather port infrastructure project in the Arctic, responding to a key national security priority, as concern mounts about competition for resources in the region, mainly from Russia.
“We can no longer rely on our geography to protect us,” Carney said.
Carney’s push to jumpstart growth comes as Trump’s trade war continues to hurt Canada’s economy.
US tariffs on autos, steel and aluminum have squeezed the three crucial sectors and led to job losses.
The unemployment rate hit 7.1 per cent in August, the highest level since 2016 outside of the pandemic. AFP
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