Prime Minister Mark Carney is making significant changes to the leadership of the federal agency responsible for attracting foreign investment just before an important summit focused on this goal. Carney revealed on Monday that Dominic Barton, the former Canadian ambassador to China and a prominent figure in the corporate sector, will lead the board of directors for Invest in Canada.
Barton’s professional background includes extensive experience at McKinsey and Co., a leading global consultancy firm. He also serves as the chair of mining giant Rio Tinto and LeapFrog Investments. Notably, in 2016, Barton was appointed as the chair of the Liberal government’s economic advisory council under Prime Minister Justin Trudeau. The council’s recommendations led to the establishment of Invest in Canada to facilitate foreign direct investment.
During a challenging period in Canada-China relations from 2019 to 2021, Barton played a key role. His efforts were recognized by Trudeau for assisting in the release of Canadians Michael Kovrig and Michael Spavor, who were detained in China amid the diplomatic tensions. Barton is set to assume the chair position on a part-time basis for a three-year term, while Karl Tabbakh, the outgoing chair, will continue to support the transition within Invest in Canada.
In a notable reshuffle, Gurinder Grewal, the founder and managing partner of MEM Growth Partners, will take on the role of chief executive at Invest in Canada. Carney emphasized Grewal’s expertise in deploying capital effectively across various sectors such as energy, industrial, infrastructure, and technology.
The changes at Invest in Canada come just ahead of Carney’s upcoming investment summit in Toronto, where he plans to bring together foreign investors and key domestic fund leaders to promote Canadian projects. Carney expressed confidence in Barton and Grewal’s abilities to leverage Canada’s strengths and attract new investors to the country.
The outgoing CEO Laurel Broten will be succeeded by Grewal, with Dominic LeBlanc, the minister overseeing the federal investment agency, confirming Broten’s resignation effective September 1. Although no specific reason was provided for Broten’s early departure, Carney commended Tabbakh for his service as the chair of Invest in Canada without mentioning Broten in his statement.
Regarding Broten’s resignation, the Prime Minister’s Office declined to comment further, referring to LeBlanc’s statement, which expressed gratitude for Broten’s service and wished her success in future endeavors. A source familiar with the planning for September’s investment summit, who preferred anonymity, mentioned that Invest in Canada’s involvement has primarily been limited to a few staff members assisting with logistical arrangements for the event.
The source indicated that the Prime Minister’s Office, in conjunction with other government departments, has been primarily driving the summit, with support from the Canada Pension Plan Investment Board and Public Sector Pension Investment Board.
