Prime Minister Mark Carney has revealed that Ottawa is currently involved in a $1-billion initiative to enhance the processing capacity of critical minerals in Canada. This project also includes an investment commitment of around $70 billion from the United Arab Emirates. Carney’s announcement comes following his visit to Abu Dhabi, which mainly concentrated on trade discussions amidst concerns surrounding the conflict in Sudan.
During a speech to the Canada-U.A.E. Business Council on Friday morning, Carney expressed his satisfaction with the progress of an agreement exceeding $1 billion. This endeavor aims to boost critical minerals processing in Canada, leading to job creation and a more sustainable supply of minerals crucial for energy technologies and advanced manufacturing.
Highlighting the significance of the new project, Carney emphasized its role in economic growth and human development. He underscored Canada’s global leadership in AI, quantum, and life sciences, stressing the need to capitalize on these strengths for the betterment of humanity.
In a bid to encourage further substantial investments, the prime minister extended a personal invitation to Emirati investors to explore opportunities in Canada. This invitation follows the recent signing of an investment-protection pact and the initiation of trade negotiations. As part of these developments, the U.A.E. has committed to investing $70 billion in Canada.
Carney’s office mentioned that the funding signifies a vote of confidence in the Canadian economy, which has faced challenges due to the U.S. trade dispute and productivity issues. The prime minister expressed strong optimism about the potential for Canada and the U.A.E. to more than double their trade volume within the next decade, highlighting their shared interests as trading nations and environmentally conscious energy powers.
During discussions with investors, Carney emphasized the alignment between Canada and the U.A.E. despite their apparent differences. He pointed out the U.A.E.’s advanced utilization of artificial intelligence and its status as a significant global investor. Carney indicated that future trade missions to the U.A.E. would focus on AI, energy, and agriculture, marking a new phase in bilateral relations following his historic visit, the first by a sitting Canadian prime minister since 1983.
Touching on the issue of Sudan’s civil war, Carney disclosed that he engaged with U.A.E. President Sheikh Mohamed bin Zayed Al Nahyan on this topic. While the U.A.E. government denies allegations of involvement in ethnic violence in Sudan, Carney highlighted discussions around U.S. President Donald Trump’s efforts to facilitate peace in the region.
As Carney departed for the G20 summit in South Africa, where the U.S. is notably absent, he reiterated Canada’s priorities for the summit. These include enhancing critical mineral supply chains, leveraging AI for sustainable growth, disaster prevention, global development funding reforms, and advancing gender equality through economic empowerment.