Royal Bank of Canada CEO Dave McKay urged Canada on Wednesday to move quickly and secure trade deals with nations seeking its natural resources, warning the country must stop waiting for others to solve its economic challenges.
McKay told a Calgary Chamber of Commerce luncheon that Germany, South Korea, and Japan want Canadian fossil fuels for energy security, but Canada must act decisively to capitalize on the opportunity despite current trade uncertainties, including US tariffs and the upcoming renegotiation of the free-trade agreement with the United States and Mexico.
“Their people want that product and want it delivered, but they’re not going to wait forever — and they’ve been tired of waiting for a while now. So, we actually have to start looking at pace and speed,” McKay said.
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The bank executive argued that Canada’s fear of making mistakes prevents the country from leveraging its resources. He pointed to regulatory delays and slow project approvals that drive investment south of the border, where companies begin work and see returns more quickly.
“We bubble wrap our economy, and we’re waiting for someone else to solve it. We have to solve it ourselves,” McKay said.
McKay expressed support for efforts by the federal Major Projects Office and Prime Minister Mark Carney to accelerate project approvals. He acknowledged opposition to trade initiatives but stressed that long-term legacy matters more than short-term political considerations.
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