OTTAWA — Prime Minister Mark Carney says his government will seek private investors to operate Canada’s four largest airports through long-term concession agreements.The plan covers Toronto Pearson, Montréal–Trudeau, Vancouver and Calgary international airports. Ottawa would retain ownership of the underlying land and assets rather than sell them outright.“Following best practice in other countries, the Government of Canada will retain ownership of the underlying land and assets, but we will unlock their true value by bringing in new capital and expertise to their operations and their growth,” Carney said Tuesday.The announcement was made during the Canada Investment Summit in Toronto, where the government is courting investors as part of its goal of attracting $1 trillion in new investment over five years.Canada’s major airports are currently operated by non-profit airport authorities on federally owned land under long-term leases.Carney said private investment would provide capital for airport expansion and improve the experience of passengers. Money generated through the proposed arrangements would be redirected toward smaller regional airports and other local infrastructure..The government argues that greater investment in smaller airports could help make air travel more affordable in rural and remote communities.“Canadian pension funds already successfully invest and manage airports around the world,” Carney said. “It’s time to bring that same expertise back home to directly benefit Canadians.”Large Canadian pension funds hold investments in airports outside the country, including facilities in Europe and Australia.The federal government will consult airport authorities, airlines, local governments and other stakeholders as it develops the concession model. No prospective investors, valuations or timelines for completing agreements were announced.Carney presented the airport plan as part of a wider effort to draw global capital into Canadian infrastructure, energy, mining, technology and advanced manufacturing.The summit brought together investors from nearly 30 countries managing more than $100 trillion in assets, according to the Prime Minister’s Office.
