One of the privileges of my role is the unique perspective it gives me across North America. Recently Scotiabank hosted Mexico’s trade mission to Canada, as businesses came looking for partners, projects, and proof that North America can still do big things together. I also spent time in both Washington and Ottawa in May, connecting with clients, government leaders, and decision-makers, including Prime Minister Carney, about the opportunities ahead for our countries. I wanted to offer some of my reflections from these meetings.
The world is converging on a shared view of Canada’s opportunity, with foreign direct investment reaching its highest level in nearly 20 years as countries prioritize the importance of dependable suppliers. The conflict in the Middle East has only strengthened the case for Canada. We are uniquely positioned with our vast energy and mineral reserves, and our inherent advantage of secure and long-term capacity is now more important than ever. Yet at the same time, the conflict is straining households and businesses through higher energy prices, supply shocks, and persistent inflation, worsening income inequalities across our communities.
Canada has always done its best work when it is clear about challenges and ambitious about solutions. As the country seeks to unlock $1 trillion in investment over the next five years to build necessary infrastructure, expand industrial capacity, and strengthen long-term growth, the results will be truly transformational for the economy. If achieved, this aspiration will boost real per capita GDP by 2% annually.
As countries across the globe, and particularly within North America, seek out trusted partners, businesses here are staring down a once-in-a-generation moment.
While I know that it can be challenging to look beyond the noise and headlines, I encourage our clients to think more about the opportunities than the risks. The North American corridor is an advantage, not a constraint. It is one of the most trusted regions in the world to do business, and it’s a platform we should use boldly. Now is the time for businesses to lean in, to deepen cross-border partnerships, and to invest in the connectivity between our markets.
As your partner, Scotiabank is all in and ready to help you build. We’re investing by building dedicated capabilities to enable defence and national security priorities. We are launching new Indigenous and government advisory coverage, deepening our infrastructure expertise through a focused centre of excellence, and strengthening our U.S. presence to help clients grow. Through our balance sheet, our partnerships, and our expert advice, we are here to help you drive your projects forward.
As the government focuses on the upcoming CUSMA review, we in turn will be focused on setting our clients up for success through any outcome. This year we will be working with key clients, sectors, and industries to collectively and relentlessly focus on shaping Canada and North America’s economic trajectory. We will be leveraging our leading-class research and expertise to convene a broad cross-section of clients and partners across our growth markets, as we work together to build resilient supply chains, increase investment, create jobs that stay on this continent, and drive growth that benefits communities on all sides of the border.
I believe that one of our most important chapters as a nation is ahead of us. I believe a strong Canada means a stronger North America. And our Bank is here to help you contribute to, and benefit from, our country’s success.
Scott Thomson
President and Chief Executive Officer
Scotiabank
