Business groups say new sovereign wealth fund another helpful tool

Political analyst Lydia Miljan says she is ‘not sure how the math works’ after PM Carney’s newly announced sovereign wealth fund.

TORONTO — Business groups say the federal government’s decision to establish Canada’s first sovereign wealth fund could be helpful to get projects going, but is not a singular fix.

Prime Minister Mark Carney announced the Canada Strong Fund on Monday, saying it will invest in major Canadian industrial projects in areas such as energy, infrastructure, mining, agriculture and technology with an initial $25 billion in government funding.

Matthew Holmes, head of public policy at the Canadian Chamber of Commerce, says the fund is another tool to spur investment, but its success hinges on the details and speed of implementation.

Holmes says in a statement that given the amount of time it could take to get such a fund running, the immediate focus should remain on areas like boosting trade relations, reducing regulation and tax reform.

Pierre Gratton, head of The Mining Association of Canada, says a sovereign wealth fund could be helpful in areas like critical minerals that need patient, longer-term capital.

He says it will be less helpful for more conventional metals projects like copper or iron mines, which he says would benefit more from tax and infrastructure improvements.

This report by The Canadian Press was first published April 27, 2026.

Ian Bickis, The Canadian Press