Prime Minister Mark Carney has disclosed that the Canadian government is actively engaged in a $1 billion initiative to enhance the processing capacity of critical minerals within the country. This project is being supported by a substantial investment of around $70 billion from the United Arab Emirates (UAE). Carney made these revelations following his recent visit to Abu Dhabi, where trade discussions took precedence in light of the ongoing conflict in Sudan.
During a speech at the Canada-U.A.E. Business Council, Carney expressed his satisfaction with the progress of the agreement, emphasizing the positive impact it would have on Canada’s economy and job creation through the expansion of critical minerals processing. He highlighted the significance of securing a stable supply of essential minerals for energy technologies and advanced manufacturing.
Describing the project as a catalyst for economic growth and societal progress, Carney emphasized Canada’s leadership in artificial intelligence, quantum technologies, and life sciences. He stressed the need to capitalize on these strengths for the betterment of society.
In a bid to attract further investments and promote major projects, Carney 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 between the two countries.
The funding commitment of $70 billion from the UAE to Canada, as announced by Carney’s office, is seen as a vote of confidence in the Canadian economy. The investment is expected to encompass various sectors, including energy, artificial intelligence, logistics, mining, and other strategic industries.
Carney expressed his strong belief in the potential for expanding trade relations between Canada and the UAE, aiming to double trade volumes within a decade. He highlighted the alignment between the two nations as trading partners and energy leaders transitioning towards environmentally sustainable practices.
Addressing concerns about the civil war in Sudan, Carney discussed the situation with UAE President Sheikh Mohamed bin Zayed Al Nahyan, emphasizing the importance of pursuing peace efforts. The discussions touched on the role of the Quad process involving the US, UAE, Saudi Arabia, and Egypt in establishing a ceasefire and promoting peace in Sudan.
Carney’s visit to Abu Dhabi marked a pivotal moment in strengthening bilateral ties and exploring new avenues for cooperation between Canada and the UAE. As he departed for the G20 summit in South Africa, where Canada’s priorities include critical mineral supply chain improvements, AI-driven sustainable development, disaster prevention, global development funding reforms, and advancing gender equality through economic empowerment.