Canada and Luxembourg Forge New Partnerships in Finance, Academia, and Trade

Leaders Announce Enhanced Bilateral Cooperation

Ottawa, Ontario – Canadian Prime Minister Mark Carney and Luxembourg's Prime Minister Luc Frieden concluded a productive three-day visit in Ottawa, announcing a series of new partnerships aimed at strengthening ties between their nations. The discussions, held from February 7 to 9, 2026, focused on advancing cooperation in financial sector policy, academic collaboration, and bilateral trade and investment.

The visit underscores the enduring relationship between Canada and Luxembourg, built on over 80 years of close diplomatic relations and shared membership in international bodies such as NATO.

Financial Sector Policy Dialogue Launched

A key outcome of the leaders' meeting was the launch of the 2026 Canada-Luxembourg Financial Sector Policy Dialogue. This new initiative will bring together finance officials from both countries to foster collaboration on critical areas, including:

• Financial stability
• Sustainable finance
• Fintech innovation
• Capital markets development

Luxembourg, recognized as a major financial hub and a significant source of foreign direct investment for Canada, plays a crucial role in this enhanced financial cooperation.

Academic Collaboration and Talent Exchange

In the realm of education and talent development, Prime Ministers Carney and Frieden welcomed the establishment of the McGill Luxembourg Centre for Finance and McGill University's Master of Management in Finance program. These programs are designed to:

• Strengthen cutting-edge academic and research collaboration
• Expand student and talent exchanges between the two countries
• Equip Canadian students with new opportunities in the financial sector

This academic initiative leverages McGill's global leadership and Luxembourg's position as a leading financial center to create mutually beneficial opportunities.

Expanding Trade and Investment Horizons

Both leaders reiterated their commitment to expanding bilateral trade and investment. They identified several key sectors for increased cooperation, including:

• Advanced manufacturing
• Infrastructure
• Aerospace
• Space and related technologies

In 2024, Luxembourg's foreign direct investment stock in Canada was valued at approximately $22.3 billion, making it one of Canada's most significant European sources of FDI. Merchandise trade between the two countries totaled about $249.8 million in the same year.

The Prime Ministers also discussed broader geopolitical issues, reaffirming their unwavering support for Ukraine against Russian aggression and agreeing on the necessity of achieving a just and lasting peace. They emphasized mobilizing capital and strengthening defence supply chains to support collective security, particularly in the Arctic.