Prime Minister Mark Craney will travel to Armenia next week to attend a major European summit, as Canada looks to strengthen alliances abroad and attract large-scale investment at home in an increasilngly volatile global environment. 

Carney is scheduled to be in Yerevan from May 2 to May 4 for the eighth European political community summit, marking the first time a non-European leader has participated in the gathering. The visit will be the first by a Canadian PM to Armenia in nearly a decade.

The summit brings together leaders from across Europe to coordinate on shared challenges, including security, economic stability and emerging technologies. This year’s meeting is being held under the theme “Building the Future: Unity and Stability in Europe.”

In a statement, Carney said Canada is deepening ties with European partners in response to growing global uncertainty.

He stated, “In a more dangerous and divided world, Canada is moving ever closer to our European partners and allies,” he said. “Bound by our shared values, we are advancing cooperation in defence, energy, and technology to build a more secure and prosperous future on both sides of the Atlantic.”

During the summit, Carney is expected to hold bilateral meetings with European leaders focused on defence co-operation, support for Ukraine, and economic partnerships. He will also promote Canada as a destination for global investment, particularly in sectors such as critical minerals, energy, defence and advanced technology.

The trip comes as the federal government pursues an ambitious plan to catalyse up to $1 trillion in investment over five years, aimed at boosting economic growth and resilience.

Earlier this year, Canada became the first non-European country to join the EU’s Security Action for Europe initiative, a program tied to the bloc’s broader defence readiness strategy. The move is expected to open new opportunities for Canadian defence firms and workers.

The European Union remains Canada’s second-largest trading partner, with bilateral trade in goods and services reaching nearly $179 billion in 2025. It is also a major source of foreign investment, with EU investment in Canada estimated at $193 billion in 2024.