Canadian Prime Minister Mark Carney said Canada will pursue a closer security and economic relationship with the European Union as it seeks to diversify trade and reduce reliance on the United States.

Speaking at Canada’s first Investment Summit, Carney promoted the country as a destination for global investment and announced new incentives to encourage business spending.

The Canadian government said the summit generated nearly C$500 billion in new investment commitments across areas including energy, critical minerals, artificial intelligence, infrastructure and defense.

Canada and the EU are also discussing closer cooperation on defense, energy, raw materials and potentially greater mobility, although several EU countries have not yet ratified the CETA trade agreement, The Guardian has reported.

Carney said Canada will continue working closely with the United States while building stronger partnerships and domestic economic capacity.