By Paul Vieira
OTTAWA--Canada's political and business leaders need a new risk-taking mindset to build an economy capable of thriving amid geopolitical and trade-protectionist risks, says the head of TC Energy.
Chief Executive François Poirier said Prime Minister Mark Carney has taken some promising initial steps to accelerate the construction of new trade corridors and resource projects to help Canada reduce its dependence on U.S. trade to drive growth. "This is a good start, but the country still needs more," said Poirier on Tuesday at an Ottawa luncheon, attended by business leaders and senior government officials, among them advisers to Carney.
The speech marked a rallying cry from a top Canada business leader for the country to drop the sense of complacency that has hovered over decision makers. Data over the past decade shows a country where living standards have struggled to improve, and economic growth was fueled by rapid population growth via immigration, and domestic consumption, offsetting tepid levels of business investment.
Carney came to power a year ago on a promise to rebuild the economy, acknowledging that the previous Liberal administration, under former Prime Minister Justin Trudeau, didn't put enough focus on generating wealth.
Poirier cited the potential from expanding Canada's export capacity for liquefied natural gas. At present, Canada could become the No. 5 global supplier should projects under consideration get built. He said countries in Asia are increasingly looking to Canada to be a reliable energy supplier, especially given the uncertainty over future oil-tanker traffic in the Strait of Hormuz.
Being satisfied with a No. 5 placing in the LNG field "sounds great but its true potential is to be the No. 1 exporter to Asia, and the country is behaving as if being good is good enough," Poirier said.
The current Canadian mindset, he said, is akin to the country's men's and women's hockey teams going to the Olympics to aim for a bronze medal. That needs an overhaul, he added. "Generational success will depend on our ability to execute-not by our ability to follow process," the TC Energy CEO said.
At the onset of the war in Ukraine, developed economies like Germany reached out to Canada to secure LNG supplies to wean reliance on Russia. But at that time, former prime minister Trudeau said there was a weak business case for exports to Europe. The Carney government has shifted course in a dramatic manner, one of several policy pivots since Trudeau's departure.
Poirier said Canada still has much work to do in attracting foreign investment into the country, arguing that "for too long, capital hasn't felt welcomed here." Carney's first year in power has been marked by frequent trips abroad, trying to drum up foreign investment interest in Canada and steps the government is taking to streamline regulations.
Besides Poirier, some senior Bank of Canada policymakers have also lamented the country's complacent policy approach on competition and risk aversion among business leaders.
The central bank's No. 2 official, Carolyn Rogers, said last year that corporate executives can't wait for uncertainty to die down before making investment decisions. "Don't hold your breath and hide under a table," said Rogers, about the need for businesses to invest to counter President Trump's trade policy. "If we don't figure out how to offset that structural change with a positive structural change, we are on a permanently lower [growth] path-which is not what we want."
Poirier said domestic business leaders need to demonstrate courage in investing more in Canada, adding TC Energy intends to spend billions in the coming years on improving its crosscountry infrastructure. "Companies have to walk the talk."
Write to Paul Vieira at paul.vieira@wsj.com
(END) Dow Jones Newswires
March 31, 2026 14:05 ET (18:05 GMT)
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