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House Hansard - 156

44th Parl. 1st Sess.
February 8, 2023 02:00PM
Context: House Hansard - 156 - Feb/8/23
Mr. Rick Perkins (South Shore—St. Margarets, CPC)
  • Feb/8/23 5:45:16 p.m.
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  • Re: Bill C-34 
Madam Speaker, in response to the member for Winnipeg North, I will add food as one of the industries that should be on the list. However, my question is around the issue of assets. The Investment Canada Act focuses on companies, but more and more, we are seeing Canadian companies selling their strategic assets, sometimes to countries that are not favourable to us. A company could remain Canadian but sell off a mine; a technology; or in our intangible asset world, even data. Could the member speak to the issue that, if the bill goes to committee, which I believe it will, we should be looking at it in terms of the areas of assets in addition to just companies?
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Context: House Hansard - 156 - Feb/8/23
Mr. Francesco Sorbara
  • Feb/8/23 5:56:08 p.m.
  • Watch
  • Re: Bill C-34 
Madam Speaker, what I would say is that the direction of the bill is so important. I have risen many times in the House to talk about corporate concentration and foreign ownership. Especially, when foreign owners attempt to purchase an asset in Canada, whether it is a holding company, an operating company or straight asset, and they are backed by, say, a fund that is backed by the government, we need to have the tools and resources to block those types of acquisitions. If this is going on that track, the bill will hopefully be sent to committee for further studies, further recommendations and more in-depth questions. I appreciate the hon. member's question. I share those concerns. We need to make sure that we protect our assets and our companies from national security threats from wherever they may arise throughout the world.
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