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Decentralized Democracy

House Hansard - 156

44th Parl. 1st Sess.
February 8, 2023 02:00PM
Context: House Hansard - 156 - Feb/8/23
Ms. Julie Dzerowicz
  • Feb/8/23 5:17:01 p.m.
  • Watch
  • Re: Bill C-34 
Madam Speaker, I want to thank the hon. member for his important work on this file. As I mentioned, it is not the first time we have updated the Investment Canada Act. We have taken a number of actions to ensure that we have the right tools and flexibility to protect Canada's national security interests. Assuming the bill passes seconding reading in this House, it will go to committee, and there will be many opportunities there for us to have a debate and talk about what additional elements we might want to see in it.
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Context: House Hansard - 156 - Feb/8/23
Mr. Xavier Barsalou-Duval
  • Feb/8/23 5:30:25 p.m.
  • Watch
  • Re: Bill C-34 
Madam Speaker, I totally agree with what the Conservative member said. It does not make any sense for an enterprise owned by foreign interests, not just private interests, but state-owned foreign interests, to be able to buy anything under the threshold he mentioned without any oversight. The government is not even bothering to look at whether it is a good thing or not. A review should be automatic when a state-owned enterprise buys a company here. That does not mean blocking the transaction. The idea is not to block every purchase that might happen here. The same goes for private interests. The idea is for the government to at least review the purchase and ask questions rather than just letting everything go forward. Right now, the government is sticking its head in the sand and not seeing what is happening. It is blind.
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Context: House Hansard - 156 - Feb/8/23
Mr. Maxime Blanchette-Joncas
  • Feb/8/23 5:46:17 p.m.
  • Watch
  • Re: Bill C-34 
Madam Speaker, this is a very interesting subject. We have to avoid the intellectual shortcuts that people sometimes take in the House. I sure appreciate the opportunity my colleague gave me. My colleague from Pierre-Boucher—Les Patriotes—Verchères gave us a very good example. Rona was purchased by foreign interests, a company called Lowe's, not to name names. It was then resold for a pittance. The company the government had invested in was originally valued at over $3 billion, but it was sold for $400 million. Our constituents are watching us. They placed their trust in us, and they want us to manage their investment with great care. In this case, it was a total failure.
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Context: House Hansard - 156 - Feb/8/23
Mr. Maxime Blanchette-Joncas
  • Feb/8/23 5:47:41 p.m.
  • Watch
  • Re: Bill C-34 
Madam Speaker, I thank my colleague for her question. I touched on this subject briefly in my speech. People with foreign interests or economic interests coming to invest here do not always have our social investments at heart. She mentioned seniors' homes. I fully agree that we need to pay close attention in modernizing the bill, and we must consider that the interests of foreign investors will not always align with ours. She makes an interesting point. I gave the example of land grabs. Everyone here needs to eat, just like the general population. It is the same thing. The Bloc Québécois will certainly be able to work with my colleague.
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