The airports are in Toronto, Montreal, Vancouver and Calgary.

TORONTO – Prime Minister Mark Carney announced Tuesday that his government will seek private investment to operate Canada’s four largest airports while retaining ownership of their land and assets.

Carney was addressing business leaders from around the world gathered in Toronto for the first Canada Investment Summit, which aims to mobilize C$1 trillion for 167 projects by 2030.

“Following best practice in other countries, the Government of Canada will retain ownership of the underlying land and assets, but we will unlock their true value, by bringing new capital and expertise to their operations and growth,” he said.

“We will reinvest the tens of billions of dollars of capital we raise into the infrastructure that Canada needs for the next generation.”

The announcement came amid speculation that the government was planning to privatize the airports outright.

The Canadian Labour Congress warned in a report released last week that privatization would “put upward pressure on the cost of flying and put airport workers at risk.”

Carney, however, stressed what his government is offering is a long-term concession, not privatization. He said the investment will help provide better and more affordable air connections to regional and remote communities.

Carney noted that Canadian pension funds already invest successfully in many airports around the world.

“It is time to bring that same expertise home to more directly benefit all Canadians,” the prime minister added.