Record Year For
Canada
Canada attracted a record-breaking $85.5 billion in foreign direct investment (FDI) in 2024, the best year in a decade. In the face of declining global FDI and intensifying international competition for investment attraction, Canada’s performance was strong at 36% higher than 2023.
The bottom line: 2024 brought 1.5 times more jobs than 2023 and more companies invested. A total of 825 global investors chose Canada, topping the 5-year average by 682 companies.
Early in 2025, the landscape shifted with new geopolitical dynamics and global economic uncertainty. The upheaval caused by American tariffs and a disrupted global economy will likely impact Canada’s FDI performance in 2025. However, Canada is in a strong position to withstand the aftershocks.
Explore the FDI Report to find out why Canada is well positioned to remain a top investment destination for global companies seeking a stable, resilient and reliable business partner.
This report uses numbers and analysis based on reported data from Statistics Canada, FDI activity data and announcements compiled by fDi Markets and PitchBook. Unless otherwise noted, all figures are presented in Canadian dollars. For more information, see our methodology.
FDI 2024: Year in review
$85.5 billion in total FDI inflows
50% higher than the 10-year average
Source: Statistics Canada, Table 36-10-0473-01
Retrieved: June 2, 2025
$28.7 billion
higher than the 10-year average for FDI inflows
Source: Statistics Canada, Table 36-10-0473-01
Retrieved: June 2, 2025
2nd highest year
on record for FDI inflows
Source: Statistics Canada, Table 36-10-0473-01
Retrieved: June 2, 2025
883 projects announced
+ 44,440 jobs forecasted
1.5 times more jobs than the 10-year average
Source: fDi Markets & PitchBook
Retrieved: June 2, 2025
$1.5 trillion
in total FDI stock in Canada
35% increase over the 10-year average
Source: Statistics Canada, Table: 36-10-0008-01
Retrieved: June 2, 2025
2.7 million Canadians contribute to the success of global companies
Global investors account for 13% of jobs in Canada
Source: Statistics Canada, Table 36-10-0620-01
Retrieved: June 2, 2025
Bringing home
a world of opportunities
Since our inception in 2018, Invest in Canada has been a driving force for FDI in Canada. We work closely with partners across Canada to proactively attract strategic investments and bring home a world of opportunities. Our focus is on diversifying FDI – attracting priority sector investments from more countries to more communities across Canada.
In uncertain times, our committed team is taking a strategic approach to generating wins for Canada beyond the traditional U.S. market. We’re successfully attracting high-impact investments from Asia, Europe and the Indo-Pacific region. Now more than ever, we’re intensifying our efforts to actively support companies who want to call Canada their second home.
The numbers tell the story of Canada’s success. Canada’s total net direct investment position* rose significantly over the past 5 years – a clear sign that Canada’s investment footprint abroad is expanding.
Growth in Canada’s net direct investment position
from 2020 to 2024
Increase from
$587.6 billion to
$971
billion
65.2%
growth
over 5 years
Source: Statistics Canada, Table: 36-10-0008-01
Retrieved: June 2, 2025
*Note: Net FDI position is calculated as Canadian direct investment abroad minus foreign direct investment in Canada.
Featured investments:
2024
Invest in Canada:
A driving force
Since 2018, Invest in Canada has attracted many of the best companies in the world. By promoting FDI, we help create jobs and grow Canada’s economy. We’re focused on delivering smart, sustainable, high-value investments that offer the best promise for Canada’s future.
Our project wins from 2018 to 2024 include major investments from around the world: Australia, Austria, Barbados, Belgium, Brazil, China, Denmark, Finland, France, Germany, India, Ireland, Italy, Japan, Mexico, Netherlands, Norway, Poland, Singapore, South Korea, Sweden, Switzerland, Taiwan, Thailand, Turkey, United Arab Emirates, United Kingdom, United States and Vietnam.
Canada’s global share of inbound FDI
*All figures are in U.S. dollars.
Source: OECD
Retrieved: June 2, 2025
Text version
| Year | FDI inward flows ($ billions) | Canada’s global share in % | World FDI flows ($ trillions) |
|---|---|---|---|
| 2018 | $37.7 | 2.4% | $1.6 |
| 2019 | $50.5 | 3.2% | $1.6 |
| 2020 | $25.6 | 2.6% | $1 |
| 2021 | $61.5 | 3.2% | $2 |
| 2022 | $45.8 | 3.1% | $1.5 |
| 2023 | $46.5 | 3.4% | $1.4 |
| 2024 | $64.1 | 4.7% | $1.4 |
*All figures are in U.S. dollars.
Source: OECD
Retrieved: June 2, 2025
Priority sectors: 5-year growth
Through our work, we’re strengthening strategic sectors like advanced manufacturing, agribusiness, energy, clean tech and life sciences – and supporting Canada’s long-term economic stability, self-sufficiency and competitiveness.
We’ve focused on industry sectors that align with Canada’s priorities. Each of these sectors has experienced significant growth over the past 5 years.
+$41.9B
Energy
Clean energy (hydrogen), bioeconomy, mining, oil and gas
+$19.2B
Advanced Manufacturing
Auto, EV battery, automation, semiconductors
+$5B
Clean Technology
CCUS*, water treatment tech, emerging clean tech, ocean economy
+$1.1B
Life Sciences
Biomanufacturing, digital health, pharmaceuticals
+$969M
Agri-Food
Food and beverage processing, plant-based proteins, agri-tech
*Carbon capture, utilization and storage
Source: fDi Markets and Pitchbook
Retrieved: June 2, 2025
Economic
Impact of FDI
FDI in Canada helps our economy thrive. Approximately 13% of Canada’s workforce is employed by global companies. Even as we navigate uncertain times, Canada’s economic growth is expected to remain stable among G7 countries, increasing at a rate of 1.4% for 2025 and 1.6% for 2026.
By attracting FDI that aligns with national priorities, Canada enhances its long-term global competitiveness, economic stability and prosperity.
“In a world where global competition is fierce, securing strategic FDI is essential to safeguarding Canada’s long-term economic security. While we navigate these uncertain times, investments in Canada will continue to be vital to job creation and economic development.”
– Laurel Broten, CEO, Invest in Canada
Total net FDI flows in Canada: 2015–2024 ($ billions)
FDI into Canada experienced record growth in 2024, outpacing the 10-year average by 50.2%. This was our 2nd strongest year on record since 2007.
Source: Statistics Canada, Table 36-10-0473-01
Retrieved: June 2, 2025
Text version
| Year | $ billions |
|---|---|
| 2015 | $56.1 |
| 2016 | $47.8 |
| 2017 | $29.6 |
| 2018 | $48.8 |
| 2019 | $67.1 |
| 2020 | $34.3 |
| 2021 | $77.1 |
| 2022 | $59.6 |
| 2023 | $62.8 |
| 2024 | $85.5 |
| 10-year average | $56.9 |
Source: Statistics Canada, Table 36-10-0473-01
Retrieved: June 2, 2025
Canada:
A top destination for global companies
The numbers are in: Global investors are choosing Canada for its many strengths. According to the Economist Intelligence Unit, Canada is projected to be the 2nd best country in the G20 for doing business from 2025 to 2029. Canada's plentiful resources, access to talent and support for global businesses are unmatched.
Canada’s FDI strengths in numbers
#1
most educated workforce in the world
Source: OECD
Retrieved: June 2, 2025
#2
in the world for
FDI confidence
Source: 2025 Kearney FDI Confidence Index
Retrieved: June 2, 2025
#2
among G7 countries
for global competitiveness
Source: IMD World Competitiveness Ranking 2024
Retrieved: June 2, 2025
#2
in G7 for inbound FDI stock as a % of GDP
Source: UNCTAD
Retrieved: June 2, 2025
#3
among G7 countries
for attracting highly
educated workers
Source: OECD
Retrieved: June 2, 2025
6
Canadian cities rank among the top 100 best places to live and do business in the world
Source: Resonance Consultancy, Best Cities Report
Retrieved: June 2, 2025
“Invest in Canada is working with our partners across the country to attract investments that build a stronger, more resilient economy – one that fosters innovation, creates opportunity and delivers long-term prosperity for communities from coast to coast to coast.”
– Laurel Broten, CEO, Invest in Canada
Why global companies
are investing in Canada
Stable economy
Amid uncertainty, Canada’s economic growth is projected to remain relatively stable at a rate of 1.4% for 2025 and 1.6% for 2026. This figure is supported by the country’s strong rule of law, which fosters investor confidence and economic stability.
Gateway to the world
Businesses in Canada have preferential access to 51 markets with a combined GDP of nearly US$67 trillion and 1.5 billion consumers.
Strong R&D culture
Canada ranks 2nd in the G7 for direct government funding and tax support for business R&D.
Leader in tech talent
Calgary, Montreal, Ottawa, Toronto and Vancouver are among the top cities in North America which added the most tech jobs between 2019 and 2023.
Sound financial institutions
Canada’s financial institutions are ranked 4th in the G20. Plus, 6 Canadian banks are among the world’s top 40 safest banks.
Competitive tax rates
Canada is ranked 4th in the G20 on the International Tax Competitiveness Index and has the lowest marginal effective tax rate on new business investments in the G7.
Investment into Canada by source country in 2024
($ billions)
This graphic represents FDI stock in Canada by source country in 2024. The growth in FDI stock from 2023 to 2024 and the 10-year increases are indicated in percentages.
Source: Statistics Canada Table: 36-10-0433-01
Retrieved: June 12, 2025
FDI flows by type in 2024
(Reinvestments, mergers & acquisitions and other flows)
Mergers and acquisitions (M&As) represented the largest share of total net FDI flows for 2024 at 49%. M&As surpassed the 10-year average by 121.1%. Many companies chose to reinvest in 2024, signalling their confidence in Canada.
Totals may not add up to 100% due to rounding.
Source: Statistics Canada, Table 36-10-0025-01
Retrieved: June 2, 2025
Text version
| Type | Amount ($ billions) | % of total FDI |
|---|---|---|
| Reinvested earnings | $24.3 | 28.4% |
| M&As | $41.9 | 49% |
| Other flows, including greenfield investments | $19.4 | 22.6% |
Totals may not add up to 100% due to rounding.
Source: Statistics Canada, Table 36-10-0025-01
Retrieved: June 2, 2025
Forging FDI bonds and
New alliances
Canada has steadily diversified its sources of FDI from top global markets, drawing greater interest from Europe, Asia and the Indo-Pacific region. While the U.S. remains the largest source of FDI stock in Canada at $762.7 billion (50.8% of total), Europe’s investments topped $337.5 billion in 2024. Europe’s role is vital and growing, reinforcing strong economic ties and collaboration with Canada. Asia and Oceania collectively invested $199.3 billion in 2024.
FDI growth spotlight
From 2020 to 2024, FDI flows from Australia, Asia and Europe grew significantly, showcasing Canada’s appeal as a premier investment destination. Markets such as Switzerland, Japan, Australia and Germany actively increased investments over this 5-year period. The percentages represent growth in 2024 compared to the 5-year average.
*Switzerland saw a significant increase in 2024 because of a $10 billion investment in the mining sector. Swiss company Glencore acquired Vancouver’s Elk Valley Resources.
Source: Statistics Canada, Table 36-10-0473-01
Retrieved: June 2, 2025
Steady growth in
Priority Sectors
In 2024, the manufacturing industry received the highest FDI flows among all other industries, capturing a total share of 47.2%. This figure exceeded the 10-year average by 163% (or 2.6 times higher). Energy and mining also outperformed its 10-year average by 99.4% (or 2 times higher).
FDI flows by industry in 2024 vs 10-year average ($ billions)
Source: Statistics Canada Table 36-10-0026-01
Retrieved: June 2, 2025
Text version
| Industry | 2023 | 2024 | 10-year average |
|---|---|---|---|
| Energy and mining | $6.6 | $16.2 | $8.2 |
| Manufacturing | $17.1 | $40.4 | $10.8 |
| Trade and transportation | $9 | $9.5 | $8.2 |
| Finance and insurance | $6.3 | $0.8 | $5.4 |
| Management of companies and enterprises | $5.6 | $1.4 | $6.6 |
| Other industries* | $18.1 | $17.1 | $7.9 |
Source: Statistics Canada Table 36-10-0026-01
Retrieved: June 2, 2025
*Other industries include: Accommodation and Food Services; Administrative and Support, Waste Management and Remediation Services; Agriculture, Forestry, Fishing and Hunting; Arts, Entertainment and Recreation; Construction; Educational Services; Health Care and Social Assistance; Information and Cultural Industries; Professional, Scientific and Technical Services; Public Administration; Real Estate and Rental and Leasing; and Other Services.
Energy:
Powering Canada's Economy
Canada is building a strong energy sector to secure a bright future for all Canadians. Over the past 5 years, Canada has strategically attracted FDI to this sector. Our efforts are paying off.
Energy: FDI projects
January 2020 – December 2024
$6.2
billion invested*
$239
million in average project size
26
projects announced
*Sub-sectors include renewable energy, including wind, solar, waste heat-to-power and energy storage.
Source: fDi Markets, Energy Report
Retrieved: June 2, 2025
2024: A banner year for energy investments
Since 2020, investments in energy projects have consistently risen. Canada experienced its biggest year for energy in 2024. The year 2024 accounted for:
38.5%
of energy projects*
36.3%
of total jobs*
35.8%
of investments*
*over the past 5 years
Plus, 96.2% of energy projects over this period were new investments. It’s safe to say there’s growing interest in Canada’s energy sector from global companies.
Source: fDi Markets, Energy Report
Retrieved: June 2, 2025
FDI in Canada's energy sector
Canada has strategically attracted investments in the energy sector, leveraging Canadian expertise to build towards a strong sustainable future.
Source: fDi Markets. Figures do not include M&A transactions.
Retrieved: June 2, 2025
Text version
| Year | millions $ | # of projects |
|---|---|---|
| 2020 | $392 | 3 |
| 2021 | $902 | 4 |
| 2022 | $325 | 2 |
| 2023 | $2371 | 7 |
| 2024 | $2224 | 10 |
Source: fDi Markets. Figures do not include M&A transactions.
Retrieved: June 2, 2025
Energy projects: Location insights
Largest projects:
Netherlands
$1.2 billion invested
Energy projects originating from the Netherlands are approximately 5 times larger than the average when compared to other countries.
Top destination city:
Pincher Creek, AB
$195.4 million invested
Pincher Creek, AB is the top destination city in Canada for energy investments. It accounts for almost one 1 of 10 of projects tracked from 2020 to 2024.
Source: fDi Markets, Energy Report
Retrieved: June 2, 2025
Investor Spotlight:
Mondi
Global leader in sustainable packaging and paper, Mondi Group, purchased the Hinton Pulp Mill in Alberta with plans to invest in productivity and sustainability improvements to the mill. This investment will anchor the mill in the region for years to come.
“We are very grateful for the support and help of Invest Alberta and Invest in Canada because they helped us to connect with the right stakeholders, to open the right doors, to understand the local priorities and processes. Thanks to them, we were able to make the right decisions in the right sequence.”
– Roman Senecky, COO, Kraft Paper, Mondi