Prime Minister Mark Carney is making changes to the leadership of the federal agency responsible for luring foreign investments just before a significant 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 of Canada, will now head the board of directors for Invest in Canada.
Barton’s professional background includes a substantial tenure at McKinsey and Co., a global consulting firm. Additionally, he 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 of the Liberal government led by Justin Trudeau. The council’s report during his tenure recommended the establishment of Invest in Canada to attract foreign direct investments.
Barton played a critical role during a challenging diplomatic phase with China from 2019 to 2021. Trudeau acknowledged Barton’s efforts in facilitating the release of two detained Canadians, Michael Kovrig and Michael Spavor, amidst the diplomatic tensions. Barton is set to serve as the chair on a part-time basis for a three-year term, taking over from outgoing chair Karl Tabbakh, who will remain on the Invest in Canada board to aid in the transition.
Gurinder Grewal, the founder and managing partner of MEM Growth Partners, will assume the position of chief executive of Invest in Canada. Carney highlighted Grewal’s expertise in deploying capital across various sectors including energy, industrial, infrastructure, and technology. This leadership transition at Invest in Canada is occurring just ahead of Carney’s debut investment summit in Toronto, where he plans to gather foreign investors and top domestic fund leaders to promote Canadian projects.
Carney expressed confidence in Barton and Grewal’s capabilities to leverage Canada’s strengths and attract new investors. He emphasized that under their leadership, Invest in Canada aims to drive billions in fresh investments into the country to bolster the Canadian economy. Laurel Broten, the outgoing CEO, will be succeeded by Grewal, as announced by Dominic LeBlanc, the minister overseeing the federal investment agency.
Although no specific reason was provided for Broten’s early departure, LeBlanc expressed gratitude for her service and wished her success in future endeavors. The preparation for the forthcoming investment summit in September reportedly involved limited contributions from Invest in Canada, with assistance mainly coming from staff within the Prime Minister’s Office, various government departments, the Canada Pension Plan Investment Board, and the Public Sector Pension Investment Board.
