'We have what the world wants' — Carney's $1-trillion pitch and the man he picked to sell it

And the stakes are real — for Canada and for Canadians’ wallets.

Carney’s government wants to catalyze $1 trillion in total investment in Canada over the next five years, including $500 billion in new private-sector capital. And this ambitious goal comes at the exact moment US tariffs are squeezing Canadian exporters, manufacturers and consumers. But if Carney’s bet pays off, it could mean new jobs and projects in critical minerals, energy and infrastructure. If it falls short, taxpayers are left funding an agency with little to show for it.

What actually changed at Invest in Canada

Carney announced the shake-up on August 31, naming Barton as the part-time board chair for a three-year term. At the same time, private equity investor Gurinder Grewal was named as full-time chief executive officer for a term of five years.

Barton and Grewal replace outgoing Chief Executive Officer Laurel Broten and Board Chair Karl Tabbakh — and just two weeks ahead of Carney’s inaugural Canada Investment Summit in Toronto on September 14 and 15.

Invest in Canada was created in 2018 to attract foreign direct investment. As of 2025, foreign investment in Canada hit $96.8 billion, its highest annual level since 2007. Plus, the stock of foreign investment reached $1.6 trillion, up 6.9% from 2024. Ottawa wants Barton and Grewal to build on these previous successes with a new, more ambitious mandate, working alongside the government’s Major Projects Office.

Why this matters to Canadians right now

Carney’s announcement — and plans — matter to all Canadians. Foreign investment isn’t just an abstract economic indicator; it’s tied to jobs, wages and the projects that get built in Canadian communities. Now, with the trade war disrupting exports and raising household costs, Ottawa is betting that redirecting global capital toward energy, critical minerals and infrastructure will help cushion current economic blows. For workers in those sectors, a successful push could mean new hiring — which means jobs, stability and a growing Canadian economy. Even for Canadians not directly involved in target sectors, this push to build investment alliances with non-US partners helps Canada’s economy stand on its own outside that single trading relationship south of the border.

A resume with baggage

But Barton’s appointment isn’t without controversy.

He was Canada’s ambassador to China from 2019 to 2021, a posting dominated by the ‘Two Michaels’ crisis, when China detained Canadians Michael Kovrig and Michael Spavor for more than 1,000 days in what was widely seen as retaliation for Canada’s arrest of a Huawei executive.

After leaving the ambassador post, Barton became chair of mining giant Rio Tinto, a move that raised questions over the company’s extensive business ties in China. He was also called to testify before the House of Commons in 2023 over consulting fees earned under the Justin Trudeau government. During that time, the federal government paid more than $100 million in consulting fees to McKinsey.

As a result, critics, including Conservative Leader Pierre Poilievre, are highlighting Barton’s past possible transgressions. Poilievre took to social media last week to state: “Dominic Barton is the man who ran McKinsey while the firm profited from helping Purdue Pharma ‘supercharge’ the opioid crisis; who chaired Trudeau’s economic advisory council while McKinsey’s federal contracts exploded thirty-fold to over $200m, contracts the Auditor General later found broke the rules. Now he will help insiders get billions in handouts, bailouts, and carve-outs, paid for by you.”