Latest News

Carney: Canada will seek private investment for major airports

Mark Carney, the Prime Minister of Canada, said that the country is looking for?private investments through long-term concessions to 'operate' the four largest airports in the nation as part a campaign to stimulate the economy.

Toronto, Montreal Calgary and Vancouver are the airports. Last year, the Liberal government announced that it was exploring ways to boost airport investment but did not provide specific details.

Carney will welcome dozens of international investors to Toronto in the coming 'week. He hopes to attract investments for more than 160 projects, which he believes are crucial to Canada's economic survival during a trade conflict with the United States.

Carney stated in his opening remarks at the summit that "we will seek private investments through long-term contracts to operate Canada's largest airports."

"We will retain ownership of underlying land and asset, but we will unlock the true value by bringing in new capital and expertise to their operations and growth."

Two asset managers said they were interested in investing airports on the sidelines of the summit.

Canadian labor groups have stated that they are against privatization. They claim it would increase travel costs.

(source: Reuters)