Prime Minister Mark Carney is making changes to the leadership of the federal agency responsible for luring foreign investments just ahead of a significant summit aimed at that goal. Carney revealed on Monday that Dominic Barton, the former Canadian ambassador to China and a prominent figure in corporate Canada, will head the board of directors for Invest in Canada.
Barton’s extensive professional background includes roles at McKinsey and Co., a global consultancy firm. Additionally, Barton serves as the chair of mining behemoth Rio Tinto and LeapFrog Investments. In 2016, he was appointed chair of the Liberal government’s economic advisory council under Prime Minister Justin Trudeau. One of the key recommendations from the council was the establishment of Invest in Canada to attract foreign direct investment.
Having navigated Canada through a challenging diplomatic period with China from 2019 to 2021, Barton’s efforts were acknowledged by Trudeau upon his resignation in 2021 for aiding in the release of detained Canadians Michael Kovrig and Michael Spavor. Barton’s term as chair will span three years on a part-time basis, with outgoing chair Karl Tabbakh staying on the Invest in Canada board to facilitate the transition.
Gurinder Grewal, founder and managing partner of MEM Growth Partners, has been appointed as the chief executive of Invest in Canada. Carney highlighted Grewal’s experience in deploying capital across various sectors including energy, industrial, infrastructure, and technology.
The restructuring at Invest in Canada comes just two weeks before Carney’s inaugural investment summit in Toronto, where he plans to gather foreign investors and leaders of major domestic funds to promote Canadian projects. Carney expressed confidence in Barton and Grewal, emphasizing their capabilities to leverage Canada’s strengths and attract new investors. Carney envisions Invest in Canada under their leadership catalyzing billions in new investments to bolster the Canadian economy.
In the midst of these changes, Laurel Broten, the outgoing CEO, will be succeeded by Gurinder Grewal. Dominic LeBlanc, the minister overseeing the federal investment agency, confirmed Broten’s resignation effective September 1. While no reasons were provided for Broten’s early departure, Carney commended Tabbakh for his service as the chair of Invest in Canada but did not mention Broten in his statement.
The Prime Minister’s Office declined to comment on Broten’s resignation, deferring to LeBlanc’s statement. An insider familiar with the planning for September’s investment summit mentioned that Invest in Canada’s involvement has mainly been confined to a few staff members assisting with logistics. The summit’s organization has primarily been led by staff from the Prime Minister’s Office, government departments, and pension investment boards.