Qatar will invest in major construction projects in Canada, says Carney – National
Prime Minister Mark Carney says Qatar is committed to “significant” investment in major construction projects in Canada, calling it a “new chapter” in bilateral relations.
Carney made the announcement on Sunday following his meeting with Sheikh Tamim bin Hamad Al Thani, Emir of Qatar.
New steps will include finalizing the Investment Promotion and Protection Agreement with Qatar, an agreement that has seen negotiations stall for years, Carney said.
“We elevate our relationships and our level of alignment by partnering with strategic partners,” Carney said. “Introducing this new chapter in our relationship, I am pleased to announce that Qatar has committed to making significant investments in Canada’s nation-building projects.
“This capital will help projects build faster and fuel our energy industries, while helping to create thousands of high-paying jobs for Canadians.”
He also said the new agreement will help Canadian businesses “easily” expand operations in Qatar and attract investment to the country.
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According to a report from the Prime Minister’s Office, air services between Canada and Qatar will also be expanded and a Canadian security team will be sent to the country.
According to the PMO, the two countries have agreed to launch discussions on a new framework focused on military, security and defense issues, and to expand investment opportunities in areas such as AI.
The PMO said the two leaders agreed to stay in touch and Carney noted on Sunday that he had invited the Emir to visit Canada later this year and attend a World Cup match between their two countries with him.
The deals with Qatar are the latest in Carney’s deals and trips to other countries to discuss trade deals since he was elected last year.
Asked about his continued efforts to meet with countries interested in trade, Carney told reporters that international relations are “falling apart.”
“The result is that there is a reduction in free trade, a lot of trade is based on money or otherwise restricted and there is absolutely, with all due respect to those who are trying, almost no international progress,” Carney said.
“Where there is progress, and where Canada and like-minded countries want to make progress, is through multilateral agreements … which are many countries but not all countries.”
On Friday, Canada announced that 49,000 Chinese-made electric vehicles (EVs) will soon be imported each year at a 6.1 percent price cut after Carney struck a deal with Chinese President Xi Jinping.
Carney added on Sunday that Xi has shown interest in expanding China’s trade relations with other countries, which is why Canada is establishing trade agreements with other countries, such as Qatar.
“In this increasingly uncertain and dangerous world, we have chosen to create greater stability, security and prosperity together,” Carney said.
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