"Attract capital back" — Shark Tank's investor Kevin O'Leary throws light on Canada's financial comeback strategy

Kevin O'Leary, a Shark Tank investor, is in the news again, this time for voicing his concerns about what he believes to be a serious economic problem in Canada. O'Leary bemoaned the nation's failure to draw in foreign investment in a recent interview, stating that Canada has become "uninvestable" in the last ten years.

He claims that significant institutional actors are now opting to invest abroad, including sovereign wealth funds and Canadian pension plans, which raises concerns about the nation's financial destiny. O'Leary, in a recent Instagram post, said,

"The path forward is to attract capital back to Canada because it has abandoned Canada over the last decade," O'Leary stated plainly, adding that investors are being put off by Canada's present economic policies.

According to O'Leary, Canada will continue to fall behind business-friendly U.S. states like Florida, Texas, and North Dakota until these regulations are changed or abolished.

He claims that if Canadian leaders wish to stay competitive, they must buck the trend of these governments offering better returns and more alluring policy environments. O'Leary came to the conclusion that Canada's financial recovery might never happen if decision-makers do not take immediate action.

Shark Tank’s Kevin O’Leary outlines tough economic road ahead for Canada

Investor and Shark Tank star Kevin O'Leary was clear in his assessment of Canada's present economic state. He claims that institutional investors in the nation, such as sovereign wealth funds and pension plans, are searching outside of Canada for greater opportunities.

"Canada is not investable. You just can't get a deal done anymore. And everybody knows that. It's the dirty truth," he declared.

O'Leary cautioned that the country will continue to lose confidence with international capital markets unless significant reform is implemented.

He strongly criticized environmental and regulatory policies, particularly Bill C-69 and rising carbon taxes, for deterring investment.

“Unless C-69 is repealed... and carbon taxes still there making the economy uncompetitive,” he said, the government can’t expect capital to return.

These policies, according to him, create uncertainty and logistical hurdles for businesses, making Canada far less attractive than other developed nations.

He further made a clear analogy to states in the US that are already benefiting from business-friendly legislation.

"Dollars... go into the United States, where they get much higher returns in states like Tennessee, Florida, Texas, Oklahoma, North Dakota," he stated.

He underlined that these areas have drawn money due to their competitive tax structures and clear regulations, which are benefits Canada now lacks.

Shark Tank OG, O'Leary, wasn't shy about giving leaders like Mark Carney advice.

"If he really wants to ‘build baby build’... he's got to get rid of C-69 and pause the carbon taxes," O'Leary emphasized.

He cautioned that it will be difficult to pass any future budget unless there is a significant and obvious change in the economy. Maintaining the current policy framework, in his opinion, will only increase investor mistrust and impede the expansion of the national economy.

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Watch more such informative videos by Shark Tank investor, O'Leary, on his official Instagram account.

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