Prime Minister Mark Carney has named Rio Tinto (LSE, ASX, NYSE: RIO) chair Dominic Barton to lead the board of Invest in Canada, as Ottawa expands the federal agency's role in attracting global capital to critical minerals, energy and major infrastructure projects.

Gurinder Grewal, founder and managing partner of Los Angeles-based private equity firm MEM Growth Partners, was appointed CEO, the prime minister's office announced Monday. The two will be tasked with drawing investment as the government works to catalyse $1 trillion (US$720 billion) in public, private and institutional investment over the next five years.

"We're an energy superpower, with the most educated workforce in the world and rock-solid fiscal strength," Carney said in a release. "Under their leadership, Invest in Canada will catalyse billions in new investments into Canada to build a stronger, more independent, more resilient Canadian economy for all."

The appointments place two executives with extensive mining, energy and investment experience at the head of an agency that Ottawa wants to play a bigger role in moving foreign investors from initial interest through to construction. Invest in Canada is expected to work closely with the federal Major Projects Office, with a focus on energy, critical minerals, artificial intelligence and infrastructure. The critical minerals focus aligns with Canada's role as a top global producer of potash and uranium and a significant source of metals such as nickel and copper, materials in demand as governments and companies seek secure supply chains outside dominant producers such as China for battery and defence technologies.

Barton

Barton has chaired Rio Tinto since 2022 and previously chaired Teck Resources (TSX: TECK.A, TECK.B; NYSE: TECK) before stepping down to serve as Canada's ambassador to China from 2019 to 2021. He also chairs LeapFrog Investments, an emerging-markets investor operating primarily in London.

Before moving into public service and corporate boardrooms, Barton spent more than 30 years at consulting firm McKinsey & Co., including nine years as global managing partner and six years as Asia chairman. He also chaired Canada's Advisory Council on Economic Growth, a body that in 2016 recommended measures later reflected in federal initiatives such as the Canada Infrastructure Bank and the creation of Invest in Canada itself, and has served as a director of Singapore telecommunications company Singtel and Swedish investment company Investor AB.

Barton studied economics at the University of British Columbia before attending Oxford University as a Rhodes Scholar, where he earned a master's degree in economics.

Grewal

Grewal brings more than 25 years of investment experience across energy, industrials, infrastructure and technology. Before founding MEM Growth Partners in 2025, he spent over a decade at Boston private equity firm Advent International, rising to partner and co-head of industrials, infrastructure and energy.

He previously worked at U.S. investment houses Bain Capital and Donaldson, Lufkin & Jenrette. His experience includes raising debt, equity and structured capital, and serving on portfolio company boards in North America, South America and Europe. He also held an operating role at an advanced-manufacturing company that later listed on Nasdaq.

Grewal holds an MBA from Harvard Business School and an honours business administration degree from Western University's Ivey Business School.

Investment mandate

Invest in Canada was established in 2018 as the federal government's foreign direct investment attraction agency. It was recently placed under the responsibility of Dominic LeBlanc, the minister responsible for Canada-U.S. trade and intergovernmental affairs, to align it more closely with Ottawa's major-projects push.

Barton will serve part-time as chair for three years, while Grewal's CEO appointment is full-time for five years. Outgoing chair Karl Tabbakh will remain on the board during the transition.

Foreign direct investment in Canada totalled $96.8 billion last year, its highest annual level since 2007, while the stock of foreign investment reached $1.6 trillion at year-end, up 6.9% from 2024, according to the government.

Ottawa says about $280 billion in government capital investments and incentives over five years is expected to help generate more than $1 trillion in total investment from public, private and institutional sources. How the new leadership translates that ambition into announced projects, and how the agency coordinates with the Major Projects Office on permitting timelines, will be among the markers observers can track in the coming years.