Carney Taps McKinsey Veteran for $1 Trillion Investment Push

Mark Carney's ambitious plan to attract $1 trillion in investment into Canada has taken shape, with former McKinsey global managing partner Dominic Barton as its key player.

Barton, 63, will chair Invest in Canada, the federal agency responsible for promoting and attracting foreign direct investment. He replaces outgoing Chief Executive Officer Laurel Broten and Board Chair Karl Tabbakh.

Carney's government wants to catalyze $1 trillion in total investment over five years, including $500 billion in new private-sector capital. This comes at a challenging time for Canada's economy, with US tariffs affecting exporters, manufacturers, and consumers.

Barton's appointment is not without controversy, however. He was Canada's ambassador to China from 2019 to 2021, during which time the 'Two Michaels' crisis occurred, where Chinese authorities detained Canadians Michael Kovrig and Michael Spavor for over a year in what was seen as retaliation for Canada's arrest of Huawei executive Meng Wanzhou.

Carney's decision to replace Broten with Barton has raised questions about transparency and accountability. The agency's results will be closely watched, particularly after the September summit where Carney and top investors will pitch Canada as a stable alternative amid the trade war.