Mr. Speaker, I would note that in the member for Sherwood Park—Fort Saskatchewan's nearly four-minute opener, we barely heard about the impact of the trade war on Canada's economic situation. In fact, what we heard was a fair amount of heavy sarcasm about the state of challenge that has been placed on Canada and on Canadians in the past 14 months as a result of a very serious trade war that continues to change and shift our industries and our workforces in ways that I think no one would have predicted a year or a year and a half ago.
I want to assure him of some of the things that I think we should be thinking about in terms of where we sit in our Canadian economy right now. Canada is poised to have the second-fastest growth in the G7. We have been rated as number two in the world for confidence in foreign direct investment. In fact, FDI in Canada has been at its highest level in 18 years. The Economist ranked Canada number two in the G20 for doing business over the next five years.
I point these out because they are evidence of a serious plan, a tough plan, a plan that is making serious changes and bringing the Canadian economy and our workforce through a period of great transition that we did not ask for, but we are going to win.
I want to assure my colleague across the way that the plan we put forward in budget 2025, which is effectively our economic and jobs plan as a government, is heavily invested in providing employment support, skills training and federal, provincial and territorial partnerships that are going to help create jobs and prosperity across Canada. These are measures that will not only help workers and their families thrive, but help Canada build the strongest economy in the G7.
It is no secret that these tariffs have hit our economy hard, and we know that some regions and sectors are facing significant labour market pressures. Steel and softwood lumber are two of the hardest-hit, so we need to work together as a country to meet many of these pressures head-on.
Labour market agreements are, quite simply, the most responsive tools we have to help workers move into new jobs and seize new opportunities. Through these agreements, provinces and territories deliver flexible, locally tailored training and employment supports, ensuring that services meet the unique needs of the labour markets. Each year, these agreements reach around 800,000 Canadians, providing employment services, skills development and training. All of this is supported by a $2.9-billion federal investment annually, demonstrating the scale and importance of this work to Canada's labour market.
However, more is needed to help Canadian workers who are affected by U.S. tariffs and global market shifts. As we laid out in our budget, our government is increasing its investments in Canadian workers with an additional $570 million over three years in targeted funding through these LMAs to support workers affected by these serious trade disruptions, including $70 million to support up to 10,000 workers in the steel industry with training and employment supports; $50 million for upskilling, re-skilling and employment supports for over 6,000 workers in the softwood lumber industry; and $450 million for a re-skilling package to retrain up to 50,000 workers affected by tariffs and global market shifts.
Through these investments, affected Canadian workers will gain the necessary skills to find new jobs and be more productive in existing jobs. At the same time, we are going to continue with investments into our sectoral workforce innovation fund, into apprenticeships, into trades and into improving education across the country with other investments that we have made to support student financial aid. This is part of our economic plan for jobs—