Canada’s largest airport has responded to Prime Minister Mark Carney’s announcement that the federal government is seeking private investment to operate the travel hub and three other large airports.
“Toronto Pearson recognizes the federal government’s plan for future investment in airports. We look forward to working with the government on next steps that ensure stewardship of Pearson, one of North America’s busiest and high performing airport hubs, while achieving the government’s national investment strategy,” the Greater Toronto Airports Authority (GTAA), which runs the facility, said in a statement on Tuesday afternoon.
“Toronto Pearson will continue to collaborate with the federal government to ensure the airport maintains delivery of long-term economic value, meets the needs of our passengers and preserves the critical role our sector plays in Canada’s sovereignty and prosperity.”
The airport is currently undergoing a multibillion-dollar facelift, which will take a decade to complete.
Carney unveiled his government’s plan during a keynote address at the investment summit in Toronto on Tuesday.
In addition to Pearson airport, the government is also opening Montreal-Trudeau, Calgary, and Vancouver airports to private investors.
Carney claimed that “bringing in new capital and expertise” will “unlock” the true value of the four international airports. He noted that the federal government will continue to own the airport lands and assets.
Airports are currently operated under a not-for-profit model where local airport authorities manage the land via long-term leases.
In May, GTAA CEO Deborah Flint told The Canadian Press that the current model has “many strong suits.”
“When we think about how much the airport has grown in the 30 years since this model began, it’s pretty incredible,” she said.
Flint added that “what might come in the future would be further enhancements of this bespoke model.”
In a question-and-answer session after his speech on Tuesday, Carney emphasized that the federal government looked at other countries’ approaches before deciding on maintaining land ownership.
“We’re selling a concession, not privatizing the airport,” the prime minister said, later adding that Canada is “getting the benefit of being late to this” and will be applying lessons from other countries.
The Canadian Labour Congress called it a “wrong move” and warned that opening up the airports to private investment “will cost Canadians.”
With files from CTV News’ Stephanie Ha
