Prime Minister Mark Carney has launched discussions on a potential First Nations sovereign wealth fund following a historic meeting with First Nations leaders and provincial and territorial premiers in Ottawa on October 26.

The gathering was the first meeting of its kind in two decades, bringing together nearly 200 First Nations chiefs and leaders to discuss economic opportunities, infrastructure, community safety and Indigenous participation in Canada's development agenda.

The proposed fund would aim to give First Nations communities a more direct stake in the economic benefits generated by major infrastructure projects. Carney directed the federal finance minister to work with First Nations leaders on options for establishing the fund. No final fund structure has been confirmed.

The federal government also announced C$260 million over four years for a new Indigenous workforce-readiness fund to connect Indigenous people with jobs created by major projects. Additional commitments include more than C$2.5 billion over five years for emergency preparedness and fire protection, plus more than C$630 million over four years to renew and expand First Nations and Inuit policing agreements.

Leaders also discussed the future of the Indian Act and ways to improve cooperation between governments. The talks come as Ottawa seeks to accelerate major projects while facing questions about Indigenous rights, consultation and how economic benefits will be shared.

The next challenge will be turning the announcements into practical agreements that respect First Nations decision-making and deliver measurable results for communities across Canada.