NDP BILL WILL OVERHAUL INVESTMENT CANADA ACT
March 25th, 2011 - 6:29pm
‘It’s time Canada’s foreign review process was transparent and accountable,” Layton
Ottawa, ON – The NDP’s Deputy Industry Critic for Mines, Claude Gravelle (Nickel Belt) today tabled legislation that would significantly strengthen the Investment Canada Act, the country’s lone legislative tool for reviewing foreign investments in Canada.
The Act to amend the Investment Canada Act (enhanced ministerial oversight) was seconded by the NDP’s Industry Critic, Brian Masse (Windsor West).
“This bill enhances the transparency and accountability of the foreign investment review process,” said NDP Leader, Jack Layton. “It will ensure stakeholders have a say in the review process. We need foreign investments that contribute to our economic growth, not foreign takeovers that lead to mine closures and jobs losses.”
“This bill is the culmination of extensive consultation with stakeholders, experts, academics and labour organizations,” said Gravelle. “I invite the Minister of Industry to study this bill and adopt it as his own because it contains substantive improvements to the Investment Canada Act.”
“I am pleased to second this bill because it introduces much-need changes to the Investment Canada Act,” said Masse. “New Democrats have long-advocated for strengthening the Investment Canada Act in order to balance the interests of Canadian workers and communities with the important goal of enhancing economic growth in Canada.”
Specifically, this bill will, among other things:
· Require the Minister of Industry to consult with representatives of industry and labour, provincial and local authorities, and other interested persons in exercising their powers under the Investment Canada Act;
· Lower the threshold for ministerial review to $100 million;
· Invite submissions from interested parties;
· Require sureties from the non-Canadian investors;
· Broaden the Minister’s considerations when evaluating “net benefit”;
· Eliminate the prohibition against communication of information related to the investment; and
· Extend the timeline for review of foreign investments from 45 to 90 days.
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