44th Parl. 1st Sess.
February 8, 2023 02:00PM
- Feb/8/23 3:07:39 p.m.
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Mr. Speaker, when we took office eight years ago, we made a commitment to Canadians that we would invest in the kinds of infrastructure that would grow our economy, would create good jobs and would create opportunities for all Canadians. That is exactly what we have been doing through various ways such as investing in public transit, investing in new trade corridors and investing in record amounts of housing.
We know that Canadians want to see a better future built, every single day, in this country. That is why we will take no lessons from the Conservatives on not spending and investing in infrastructure, other than a few doorknobs here and there. We will continue to move forward on infrastructure.
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- Feb/8/23 3:11:35 p.m.
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Mr. Speaker, I am happy to thank the member for St. John's East for her hard work and her leadership on this file.
What the Conservative Party still does not realize is that one cannot have a plan for the economy if one does not have a plan for the environment.
On this side, we are focused on creating good jobs, helping families with the cost of living and fighting climate change. We are doing so through our climate action incentive rebates, which are putting more money back in families' pockets. We are also helping households with retrofits and switching from oil furnaces to heat pumps, which are saving energy and money while protecting the planet.
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Madam Speaker, I thought I had a minute left, but I just want to say to everyone who stood on a point of order that I very much outlined exactly what the bill is meant to do, why it is important to be part of the Investment Canada Act and why it is so important for both current and future economic success for Canada.
As we create a culture around intellectual property, as we work to translate inventions and innovation, as we work to educate and protect IP generated from R and D investment, and as we continue to encourage and need foreign investment and trade in Canada, it is important to modernize our Investment Canada Act for the good of our economy, for jobs, for current and future prosperity and to protect our national security interests.
I am thankful for the opportunity to speak—
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Madam Speaker, I thank my colleague from Winnipeg North for that good question. I like these concise questions that are on topic and are neither provocative nor arrogant.
To answer my colleague's question, there are indeed several sectors. I am thinking about the biopharmaceutical sector in particular.
In the early 2000s, there were a lot of pharmaceutical companies in Canada, primarily in Quebec. They are all gone now because of the underinvestment in research and development and the underinvestment in programs to develop them.
I think that we need to focus on our own expertise and protect what we have. We are in a globalized economy, and competition is fierce. I encourage my colleague from Winnipeg North to realize that Canada is the only G7 country that cut its investments in research and development. That is too bad. As I said, Canada is the only G7 country that is still unable to stimulate the private enterprise economy.
There is a parallel to be drawn. As I explained very clearly in my speech, when we have fewer head offices, we have fewer means of intervention. This creates jobs in parallel, including with partners in nearby supply chains. Understand this: If we allow others to make decisions for us, people overseas will not take us into consideration as much.
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Mr. Speaker, I rise today to speak to Bill C‑34, an act to amend the Investment Canada Act.
Today, our government is proposing important amendments to modernize this legislation. We will never hesitate to act swiftly and decisively when there is a threat to our national security, and these amendments are at the heart of that effort.
The purpose of this bill is to modernize the Investment Canada Act. The proposed amendments will help make Canada more agile in addressing any threats that may arise from foreign investment, thereby maintaining Canada's position as a top destination for doing business.
Today I want to talk specifically about increasing foreign investment across the entire economy and in certain key sectors of Canada's economy over the past few years. More than ever, we know and recognize the importance of ensuring that we are doing everything we can to promote and foster a strong, innovative green economy. A clear and predictable regulatory regime in Canada is essential for businesses and investors.
As we know, Canada is one of the best places in the world to do business. Businesses that invest here benefit from favourable economic conditions, a stable political climate, safe infrastructure and an innovation-friendly environment. Canada's advantageous position makes companies that do business here more competitive and increases prosperity for all Canadians.
Over the past few years, more and more foreign investors have chosen Canada for its business-friendly environment. The flow of foreign direct investment in Canada has nearly doubled over the past five years.
I will be sharing my time with my hon. colleague and esteemed friend from Halifax.
According to the United Nations, in 2021, Canada had the second-largest ratio of foreign direct investment stock to GDP among G20 countries. However, this increase in the volume of foreign investment also comes with certain risks. For example, the number of investments reviewed under the Investment Canada Act also doubled over the past five years. There are also more and more investments related to sensitive technologies, critical minerals and sensitive information.
It is also important to point out the recent increase in national security reviews under the Investment Canada Act. There have been more national security reviews since 2020 than in the previous 10 years. This upward trend is expected to continue, given that Canada is an attractive destination for foreign investors.
The reality is that today's geopolitical dynamic is evolving quickly. Hostile actors could seek to disrupt Canada's economic security through our open market economy. Threats to Canada are changing all the time, and the government must ensure that Canada's foreign investment review regime strikes a good balance between promoting foreign direct investment and protecting Canada's interests and security.
We are all proud that Canada is an open economy and a trading nation. Our country is one of the most attractive destinations for the foreign investments that are necessary to our economic prosperity. In order to ensure that Canada remains an attractive destination for foreign investment, we must have a clear and predictable regulatory regime. That is why this new bill, which modernizes Canada's foreign investment review regime by amending the Investment Canada Act, or ICA, is so important.
The amendments to the ICA will make the investment review process more effective and transparent, while ensuring that the interests and security of all Canadians are better protected. This new Bill C-34 represents the most significant update of the Investment Canada Act since 2009.
Together, these legislative amendments will help ensure that Canada is able to enjoy the economic benefits of foreign investments in all sectors, while strengthening its ability to act quickly and decisively to defend against threats to our national and economic security.
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