Mark Carney let it slip he finds economics “sexy,” but at least he was in a safe space when he did it.
The prime minister was in Halifax on Friday to address a ballroom full of Nova Scotia’s business leaders and got caught up in his optimism around the province’s future.
While discussing the region’s potential for growth in sectors like green energy, Carney expressed himself freely when host interviewer Seamus O’Regan suggested that government regulations probably aren’t all that sexy to hear about for the estimated 1,100 guests at a Halifax Chamber of Commerce gathering at the Halifax Convention Centre.
“It’s not that sexy, I agree, but it’s kind of sexy to me. I was a central banker,” joked Carney, who was a renowned world-class economist before entering politics.
“But it takes a co-ordinated goal. It takes ambition, co-ordination and, yes, sometimes it takes some money. And the federal government can help play that role with the provinces.
“And I will say this is one of the things, and it’s a response to the energy in this room, the energy across this province and across this country — the desire of Canadians to get things done. They come together and find solutions. And I think what’s incumbent on those of us in these offices is to have the ambition that matches better. So having co-operative federalism, sitting down with Alberta, sitting down with British Columbia, sitting down with Nova Scotia, sitting down all together and finding these solutions. That’s what we have to do. There are massive opportunities right now in Atlantic Canada.”
Carney’s pivot
The two big themes Carney likes to herald when sharing his vision for Canada’s economic future are that “we’re just getting started” and “momentum is building.” He talked at length about how his first year in office was more about crisis management, especially a pressing need to realign the country’s partnerships in the face of crumbling dependence on the United States.
Carney led a Canadian pivot to new trade alliances in Europe, Asia and beyond, in large part as a
response to Donald Trump’s tariff war
and his off-putting rhetoric about making the country America’s 51st state. Carney told the Halifax crowd his government has since secured more than 20 new worldwide trade and security deals, some of which specifically boost Nova Scotia.
“This includes the new landmark agreement with China, which will help unlock more than $7 billion in export markets for Canadian farmers, ranchers, lobster harvesters and agri-food workers across our country,” he said.
“I will be in southwest Nova Scotia later today with one of our newest Liberal MPs, Chris d’Entremont, meeting many of the lobster harvesters who help feed our nation and our world, and who will directly benefit from this progress.”
Clean energy and defence dollars
Of the emerging sectors in Nova Scotia the prime minister seemed most bullish about were artificial intelligence, clean energy and Arctic defence. He identified
and the selection of
Sydney as the maintenance location for Canada’s icebreakers
as two examples.
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But he was also clear that existing staples like the fisheries, shipbuilding, agriculture and other natural resource industries remain critical to the province’s economic backbone.
“There is an entrepreneurial spirit and drive that makes Nova Scotia special,” he said. “That spirit built companies like Mersey Seafood, Michelin and social enterprises like Hope Blooms (and) global champions like Oxford Frozen Foods and Stanfields. That spirit is developing pillars of the new economy like Volta, COVE, DeNova and Maritime Launch.
“A year ago, on the first day of our federal election campaign, I came to Nova Scotia and heard concerns from Nova Scotians about how the world is rapidly changing. How many of our former strengths — based on close ties to America — were becoming our vulnerabilities. People sensed the rupture. And I felt the resolve, the determination of Nova Scotians to take matters into our own hands, to take care of ourselves so we can take care of each other.
“We were elected with a clear mandate to focus on what we can control, to build a stronger, more independent, more resilient country; to build Canada for all.”
Meeting with Houston
Shortly after he wrapped up his 45-minute appearance, Carney took a short walk to meet with Tim Houston. They didn’t do much more than exchange pleasantries but the prime minister did mention one particular collaboration he was anxious to nail down with the Nova Scotia premier.
“Working with Premier Houston, we are advancing
Wind West, a project with offshore wind potential
to power a quarter of Canada’s electricity needs,” Carney said of the venture experts predict could see thousands of turbines produce as much as 40 gigawatts of power annually.
For reference, Nova Scotia’s approximate power usage in 2025 was 1.25 gigawatts. If Wind West reaches its full potential, Nova Scotia could not only position itself as power self-sufficient but perhaps even as a leading exporter.