Toronto: Led by Indo-Canadian billionaire Prem Watsa, a group of corporate leaders in the country have endorsed the opposition Conservative Party ahead of the election on April 28.
Under the banner of Friends of Free Enterprise in Canada, over 30 of them signed an open letter which was published in Canadian outlets over the weekend.
They outlined four principles required to arrest Canada’s economic decline. These were supporting free enterprise, eliminating barriers, restoring fiscal discipline and reforming the tax system.
The letter stated, “Now is the time to act. That is why we are support Pierre Poilievre and Conservative Party of Canada. They have a clear plan address these issues and get Canada back on track.”
The signatories to the letter included the Toronto-based Watsa, chairman and CEO of Fairfax Financial. Other Indo-Canadians in the list included real estate magnate Bob Dhillon, president and CEO of Mainstreet Equity Corp, serial entrepreneur Amar Varma and CEO of Marval Capital Ltd and chairman of Fairfax India Ben Watsa.
Prem Watsa is known as the Warren Buffett of Canada.
Other signatories included Colliers International global CEO and chairman Jay Hennick, Mattamy Homes chairman and CEO Peter Gilgan, and former CEO and president of Scotiabank Brian J Porter.
Titled ‘Time for a Change’, the letter noted Canada was an “exceptional nation”, which was “rich in talent, strong values and vast natural resources”.
“Yet, in recent years, we have faced real challenges. Productivity has stalled. Economic growth has slowed. Our GDP per capita is shrinking.”
However, it added, the “decline” was “not inevitable.” It said Conservative leader Poilievre’s “plan makes so much sense” because of the “threats” posed by US President Donald Trump.
“We have spent our careers investing in this country because we believe in it. We believe in the resilience of our people, the strength of our institutions, and the power of free markets to lift everyone,” it noted.
Addressed to ‘Fellow Canadians’, it said, “This election matters. Our country stands at a crossroads. – and the decisions we make now will shape the future of Canada for generations to come.”
“We hope you will join us in supporting the Conservative Party,” it concluded.
